SCHEME INFORMATION DOCUMENT (SID)
(A 10 years closed ended Equity Linked Saving Scheme
with a compulsory lock-in period of 3 years.)
Offer of units at face value of Rs. 10 each plus applicable load.
New Fund Offer Opens On
: 17 December, 2008
New Fund Offer Closes On
: 16 March, 2009
Mutual Fund
AMC
TRUSTEE
Tata Mutual Fund
Fort House,
221, Dr. D. N. Road,
Mumbai - 400 001
Tata Asset Management Ltd.
Fort House,
221, Dr. D. N. Road,
Mumbai - 400 001
Tata Trustee Company Pvt. Ltd.
Fort House,
221, Dr. D. N. Road,
Mumbai - 400 001
The said SID is for Tata Infrastructure Tax Saving Fund : (A 10 years closed ended Equity Linked Saving Scheme
with a compulsory lock-in period of 3 years.)
The particulars of the Scheme have been prepared in accordance with the Securities and Exchange Board of India
(Mutual Funds) Regulations 1996, (herein after referred to as SEBI (MF) Regulations) as amended till date, and filed
with SEBI, along with a Due Diligence Certificate from the AMC. The units being offered for public subscription
have not been approved or recommended by SEBI nor has SEBI certified the accuracy or adequacy of the Scheme
Information Document.
The Scheme Information Document sets forth concisely the information about Tata Infrastructure Tax Saving Fund, that a
prospective investor ought to know before investing. Before investing, investors should also ascertain about any further changes
to this Scheme Information Document after the date of this Document from the Mutual Fund / Investor Service Centres /
Website / Distributors or Brokers.
The investors are advised to refer to the Statement of Additional Information (SAI) for details of Tata Mutual
Fund, Tax and Legal issues and general information on www.tatamutualfund.com
SAI is incorporated by reference (is legally a part of the Scheme Information Document (SID)). For a free copy
of the current SAI, please contact your nearest Investor Service Centre or log on to our website.
The Scheme Information Document (SID) should be read in conjunction with the SAI and not in isolation.
The Scheme Information Document is dated 15th Dec, 2008
Fort House, 221 Dr. D. N. Road, Mumbai - 400 001 Tel: (022) 66578282 Fax: (022) 22613782
Website: www.tatamutualfund.com
E-mail: kiran@tataamc.com
TATA INFRASTRUCTURE TAX SAVING FUND
Sr. No.
I.
II.
III.
IV.
Table of Contents
Page No.
HIGHLIGHTS / SUMMARY OF THE SCHEME
1
INTRODUCTION
1
A. Risk Factors
1
B. Requirement of Minimum Investors in the Scheme
3
C. Special Consideration
3
D. Definitions
4
E. Due Diligence by the Asset Management Company
6
INFORMATION ABOUT THE SCHEME
6
A. Type of the Scheme
6
B. Investment Objective of the Scheme
6
C. Asset Allocation and Risk Profile
6
D. Where will the Scheme Invest
7
E. Investment Strategies
8
F. Fundamental Attributes
9
G. Scheme Benchmark
9
H. Fund Manager
10
I. Investment Restrictions
10
J. Performance of the Scheme
11
UNITS AND OFFER
12
A. New Fund Offer
12
B. Ongoing Offer Details
15
C. Periodic Disclosures
17
D. Computation of Net Asset Value
18
FEES AND EXPENSES
18
A. New Fund Offer Expenses
19
B. Annual Scheme Recurring Expenses
19
C. Load Structure
19
D. Waiver of Load for Direct Applications
20
V.
RIGHTS OF UNITHOLDERS
20
VI.
PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF INSPECTIONS OR
INVESTIGATIONS FOR WHICH ACTION MAY HAVE BEEN TAKEN OR IS IN THE PROCESS
OF BEING TAKEN BY ANY REGULAR AUTHORITY
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TATA INFRASTRUCTURE TAX SAVING FUND
HIGHLIGHTS / SUMMARY OF THE SCHEME
Name of the Scheme
Tata Infrastructure Tax Saving Fund (TITSF)
Type of Scheme
A 10 years close ended equity linked saving scheme with a compulsory lock-in period of three years.
Investment Objective
Liquidity
The investment objective of the scheme is to seek to provide medium to long term capital gain by
investing predominantly in equity / equity related instruments of the companies in infrastructure and
infrastructure related sectors along with the income tax benefit to its unitholders.
Investment in the scheme is subject to a lock-in period of three years hence investors will not be able to
redeem their units till the expiry of three years from the date of allotment. After completion of three years’
lock-in period, repurchase facility will be provided on all business days at NAV based price plus exit load,
if any.
Note:
1. In the event of the death of the unitholder, the nominee or legal heir, as the case may be, shall be
able to withdraw the investment only after the completion of one year from the date of allotment of
the units to the unitholder or any time thereafter.
2.
Units issued by dividend reinvestment will also be subject to a lock-in period of 3 years from the date
of allotment or maturity of the scheme whichever is earlier. Tax benefit however, will not be
available to units issued on account of dividend reinvested.
Benchmark
BSE SENSEX
Transparency of operation / NAV
Disclosure
As per ELSS Guidelines, the first NAV of the scheme shall be declared after one year from the date of
allotment. Thereafter NAV shall be declared on all business days.
Entry Load:
Loads
For each investment amount of less than Rs. 2 Crore: 2.25%
For each investment amount of greater than or equal to Rs. 2 Crore: NIL
Exit Load:
NIL
Minimum subscription under each
Option
Dividend Option: Rs.500/- and in multiples of Rs.500/- thereafter.
Duration of the Schemes
The duration of the scheme is ten years. The units under the scheme stand automatically redeemed on
maturity.
Investment Options
Growth Option and Dividend Option (payout / reinvestment).
Tax Benefits
As per the provisions of section 80C of Income Tax Act, 1961, investments made by the Individuals &
HUFs in this scheme (along with other prescribed investments) will qualify for a deduction upto Rs. 1 Lac
from Gross Total Income.
Growth Option: Rs. 500/- and in multiples of Rs. 500/- thereafter.
z
A Mutual Fund - sponsored by Tata Sons Limited (TSL) and Tata Investment Corporation Limited (TICL).
z
The Scheme is managed by Tata Asset Management Limited (TAML).
z
Income of the Fund totally exempt from income tax under Section 10 (23D) of the Income Tax Act, 1961.
I. INTRODUCTION
A. RISK FACTORS
Standard Risk Factors:
•
Investment in Mutual Fund Units involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the
possible loss of principal.
•
As the price / value / interest rates of the securities in which the scheme invests fluctuates, the value of your investment in the scheme may go
up or down
•
Mutual Funds and securities investments are subject to market risks and there can be no assurance and no guarantee that the Scheme will
achieve its objective.
•
As with any investment in stocks, shares and securities, the NAV of the Units under this Scheme can go up or down, depending on the factors
and forces affecting the capital markets.
•
Past performance of the previous Schemes, the Sponsors or its Group / Affiliates / AMC / Mutual Fund is not indicative of and does not
guarantee the future performance of the Scheme.
•
The sponsors are not responsible or liable for any loss resulting from the operations of the scheme beyond the initial contribution of Rs. 1 lakh
made by them towards setting up of the mutual fund.
•
Tata Infrastructure Tax Saving Fund is only the name of the Scheme and does not in any manner indicate either the quality of the Scheme, its
future prospects or the returns. Investors therefore are urged to study the terms of the Offer carefully and consult their tax and Investment
Advisor before they invest in the Scheme.
•
The scheme, being a sector specific scheme, will be affected by risk associated with Infrastructure and Infrastructure related sectors.
•
The present scheme is not a guaranteed or assured return scheme.
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TATA INFRASTRUCTURE TAX SAVING FUND
Scheme Specific Risk Factors:
Liquidity and Settlement Risks
The liquidity of the Scheme’s investments may be inherently restricted by trading volumes, transfer procedures and settlement periods. From time to
time, the Scheme will invest in certain securities of certain companies, industries, sectors, etc. based on certain investment parameters as adopted
internally by TAML.
The funds invested by the Scheme in certain securities of industries, sectors, etc. may acquire a substantial portion of the Scheme’s investment
portfolio and collectively may constitute a risk associated with non-diversification and thus could affect the value of investments.
Reduced liquidity in the secondary market may have an adverse impact on market price and the Scheme’s ability to dispose of particular securities,
when necessary, to meet the Scheme’s liquidity needs or in response to a specific economic event or during restructuring of the Scheme’s
investment portfolio. Furthermore, from time to time, the Asset Management Company, the Custodian, the Registrar, any Associate, any Distributor,
Dealer, any Company, Corporate Bodies, Trusts, any Retirement and Employee Benefit Funds or any Associate or otherwise, any scheme / mutual
fund managed by the Asset Management Company or by any other Asset Management Company may invest in the Scheme.
While at all times the Trustee Company and the Asset Management Company will endeavour that excessive holding of Units in the Scheme among
a few Unitholders is avoided, however, the funds invested by these aforesaid persons may acquire a substantial portion of the Scheme’s
outstanding Units and collectively may constitute a majority unitholder in the Scheme.
Redemption of Units held by such persons may have an adverse impact on the value of the Units of the Scheme because of the timing of any such
redemptions and this may impact the ability of other Unitholders to redeem their respective Units.
Investment Risks
The value of, and income from, an investment in the Scheme can decrease as well as increase, depending on a variety of factors which may affect
the values and income generated by the Scheme’s portfolio of securities. The returns of the Scheme’s investments are based on the current yields
of the securities, which may be affected generally by factors affecting capital markets such as price and volume, volatility in the stock markets,
interest rates, currency exchange rates, foreign investment, changes in Government and Reserve Bank of India policy, taxation, political, economic
or other developments, closure of the Stock Exchanges etc. Investors should understand that the investment pattern indicated, in line with prevailing
market conditions, is only a hypothetical example as all investments involve risk and there is no assurance that the Scheme’s investment objective
will be attained or that the Scheme be in a position to maintain the model percentage of investment pattern particularly under exceptional
circumstances.
Different types of securities in which the scheme would invest in the scheme information document carry different levels and types of risk.
Accordingly the scheme’s risk may increase or decrease depending upon its investment pattern. e.g corporate bonds carry a higher amount of risk
than Government securities. Further even among corporate bonds, bonds which are AAA rated are comparatively less risky than bonds which are
AA rated.
The Scheme will endeavour to invest in highly researched growth/ value stocks. However the growth associated with equities is generally high as
also the erosion in the value of the investments/ portfolio in the case of the capital markets passing through a bearish phase is a distinct possibility.
The NAV of the scheme is largely dependent on the performance of the companies and the sectors wherein the investment has been made. The
scheme may use techniques and instruments ( as disclosed in the clause “portfolio turnover”) for efficient portfolio management and to attempt to
hedge or reduce the risk of such fluctuations.
However these techniques and instruments if imperfectly used have the risk of the scheme incurring losses due to mismatches particularly in a
volatile market. The Fund’s ability to use these techniques may be limited by market conditions, regulatory limits and tax considerations (if any). The
use of these techniques is dependent on the ability to predict movements in the prices of securities being hedged and movements in interest rates.
There exists an imperfect correlation between the hedging instruments and the securities or market sectors being hedged. Besides, the fact that
skills needed to use these instruments are different from those needed to select the Fund’s / Scheme’s securities. There is a possible absence of a
liquid market for any particular instrument at any particular time even though the futures and options may be bought and sold on an organised
exchange. The use of these techniques involves possible impediments to effective portfolio management or the ability to meet repurchase /
redemption requests or other short-term obligations because of the percentage of the Scheme’s assets segregated to cover its obligations.
Risk Associated with Securitised Debt
Scheme may invest in domestic securitized debt such as asset backed securities (ABS) or mortgage backed securities (MBS). Asset Backed
Securities (ABS) are securitized debts where the underlying assets are receivables arising from automobile loans, personal loans, loans against
consumer durables, etc. Mortgage backed securities (MBS) are securitized debts where the underlying assets are receivables arising from loans
backed by mortgage of residential / commercial properties. ABS/MBS instruments reflect the undivided interest in the underlying pool of assets and
do not represent the obligation of the issuer of ABS/MBS or the originator of the underlying receivables. The ABS/MBS holders have a limited
recourse to the extent of credit enhancement provided. If the delinquencies and credit losses in the underlying pool exceed the
credit enhancement provided, ABS/MBS holders will suffer credit losses. ABS/MBS are also normally exposed to a higher level of reinvestment risk
as compared to the normal corporate or
sovereign debt. At present in Indian market, following types of loans are amortised :
•
Auto Loans (cars / commercial vehicles /two vehicles)
•
Residential Mortgages or Housing Loans
•
Consumer Durable Loans
•
Personal Loans
The main risks pertaining to each of the asset classes above are described below:
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TATA INFRASTRUCTURE TAX SAVING FUND
Auto Loans (cars / commercial vehicles /two vehicles)
•
The underlying assets (cars etc) are susceptible to depreciation in value whereas the loans are given at high loan to value ratios. Thus, after a
few months, the value of asset becomes lower than the loan outstanding. The borrowers, therefore, may sometimes tend to default on loans
and allow the vehicle to be repossessed.
•
These loans are also subject to model risk. ie if a particular automobile model does not become popular, loans given for financing that model
have a much higher likelihood of turning bad. In such cases, loss on sale of repossession vehicles is higher than usual.
•
Commercial vehicle loans are susceptible to the cyclicality in the economy. In a downturn in economy, freight rates drop leading to higher
defaults in commercial vehicle loans. Further, the second hand prices of these vehicles also decline in such economic environment.
Housing Loans
•
Housing loans in India have shown very low default rates historically. However, in recent years, loans have been given at high loan to value
ratios and to a much younger borrower classes. The loans have not yet gone through the full economic cycle and have not yet seen a period of
declining property prices. Thus the performance of these housing loans is yet to be tested and it need not conform to the historical experience
of low default rates.
Consumer Durable Loans
•
The underlying security for such loans is easily transferable without the bank’s knowledge and hence repossession is difficult.
•
The underlying security for such loans is also susceptible to quick depreciation in value. This gives the borrowers a high incentive to default.
Personal Loans
•
These are unsecured loans. In case of a default, the bank has no security to fall back on.
•
The lender has no control over how the borrower has used the borrowed money.
Further, all the above categories of loans have the following common risks:
•
All the above loans are retail, relatively small value loans. There is a possibility that the borrower takes different loans using the same income
proof and thus the income is not sufficient to meet the debt service obligations of all these loans.
•
In India, there is no ready database available regarding past credit record of borrowers. Thus, loans may be given to borrowers with poor credit
record.
•
In retail loans, the risks due to frauds are high.
Securities Lending Risks
It may be noted that this activity would have the inherent probability of collateral value drastically falling in times of strong downward market trends,
rendering the value of collateral inadequate until such time as that diminution in value is replenished by additional security. It is also possible that
the borrowing party and/or the approved intermediary may suddenly suffer severe business setback and become unable to honour its commitments.
This, along with a simultaneous fall in value of collateral would render potential loss to the Scheme. Besides, there is also be temporary illiquidity of
the securities that are lent out and the scheme will not be able to sell such lent out securities until they are returned.
Interest Rate Risk
As with debt instruments, changes in interest rate may affect the Scheme’s net asset value. Generally the prices of instruments increase as interest
rates decline and decrease as interest rates rise. Prices of long-term securities fluctuate more in response to such interest rate changes than shortterm securities. Indian debt and government securities markets can be volatile leading to the possibility of price movements up or down in fixed
income securities and thereby to possible movements in the NAV.
Credit Risk
Credit risk or Default risk refers to the risk that an issuer of a fixed income security may default (i.e. the issuer will be unable to make timely principal
and interest payments on the security). Because of this risk corporate debentures are sold at a higher yield above those offered on Government
Securities which are sovereign obligations and free of credit risk. Normally, the value of a fixed income securities will fluctuate depending upon the
changes in the perceived level of credit risk as well as any actual event of default. The greater the credit risk, the greater the yield required for
someone to be compensated for the increased risk.
Reinvestment Risk
This risk refers to the difference in the interest rate levels at which cash flows received from the securities in the schemes are reinvested. The
additional income from reinvestment is the “interest on interest” component. The risk is that the rate at which interim cash flows are reinvestment
may be lower than that originally assumed.
B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME
The Scheme shall have a minimum of 20 investors and no single investor shall account for more than 25% of the corpus of the Scheme. These
conditions will be complied with immediately after the close of the NFO itself i.e. at the time of allotment. In case of non-fulfillment with the condition
of minimum 20 investors, the Scheme shall be wound up in accordance with Regulation 39 (2) (c) of SEBI (MF) Regulations automatically without
any reference from SEBI. In case of non-fulfillment with the condition of 25% holding by a single investor on the date of allotment, the application to
the extent of exposure in excess of the stipulated 25% limit would be liable to be rejected and the allotment would be effective only to the extent of
25% of the corpus collected. Consequently, such exposure over 25% limits will lead to refund within 6 weeks of the date of closure of the New Fund
Offer.
C. SPECIAL CONSIDERATIONS
Investors are urged to study the terms of the SID carefully before investing in this Scheme, and to retain this SID for future reference.
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TATA INFRASTRUCTURE TAX SAVING FUND
Tax Consequences
Redemption by the unitholders due to change in the fundamental attribute (if any, in future) of the scheme or due to any other reason may entail tax
consequences for which the Trustees, AMC, Fund their Directors / employees shall not be liable.
Disclosure / Disclaimer
To the best of the knowledge and belief of the Directors of the Trustee Company, information contained in this SID is in accordance with the SEBI
Regulations and facts and does not omit anything likely to have a material impact on the importance of such information.
Neither this SID nor the Units have been registered in any jurisdiction. The distribution of this SID in certain jurisdictions may be restricted or subject
to registration requirements and, accordingly, persons who come into possession of this SID are required to inform themselves about, and to
observe, any such restrictions. No persons receiving a copy of this SID or any accompanying application form in any such jurisdiction may treat this
SID or such application form as constituting an invitation to them to subscribe for Units, nor should they in any event use any such application form,
unless in the relevant jurisdiction such an invitation could lawfully be made to them and such application form could lawfully be used without
compliance with any registration or other legal requirements. Accordingly, this SID does not constitute an offer or solicitation to anyone in any
jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to
anyone to whom it is unlawful to make such offer or solicitation. It is the responsibility of any persons in possession of this SID and any persons
wishing to apply for Units pursuant to this SID to inform themselves of, and to observe, all applicable laws and Regulations of such relevant
jurisdiction.
Prospective investors should review / study this SID carefully and in its entirety and should not construe the contents hereof or regard the
summaries contained herein as advice relating to legal, taxation, or financial / investment matters and are advised to consult their own professional
advisor(s) as to the legal or any other requirements or restrictions relating to the subscription, gifting, acquisition, holding, disposal (sale, transfer,
switch or redemption or conversion into money) of Units and to the treatment of income (if any), capitalisation, capital gains, any distribution, and
other tax consequences relevant to their subscription, acquisition, holding, capitalisation, disposal (sale, transfer, switch, redemption or conversion
into money) of Units within their jurisdiction of nationality, residence, domicile etc. or under the laws of any jurisdiction to which they or any managed
funds to be used to purchase/gift Units are subject, and (also) to determine possible legal, tax, financial or other consequences of subscribing /
gifting to, purchasing or holding Units before making an application for Units.
No person has been authorised to give any information or to make any representations not confirmed in this SID in connection with the New fund
offer / Subsequent Offer of Units, and any information or representations not contained herein must not be relied upon as having been authorised
by the Mutual Fund or the Asset Management Company or the Trustee Company. Statements made in this SID are based on the law and practice
currently in force in India and are subject to change therein. Neither the delivery of this SID nor any sale made hereunder shall, under any
circumstances, create any impression that the information herein continues to remain true and is correct as of any time subsequent to the date
hereof.
Notwithstanding anything contained in the SID the provisions of SEBI(Mutual Funds) Regulations 1996 and guidelines thereunder shall be
applicable. The Trustee Company would be required to adopt / follow any regulatory changes by SEBI / RBI etc and /or all circulars / guidelines
received from AMFI from time to time if and from the date as applicable. The Trustee Company in such a case would be obliged to modify / alter any
provisions / terms of the SID during / after the launch of the scheme by following the prescribed procedures in this regard.
D. DEFINITIONS & ABBREVIATION:
1
“Business Day”
Any day on which the Mumbai Head Office of Tata Asset Management Limited is open for
business purposes and the Banks in Mumbai/RBI clearing is functional.
2
“Business Hours”
Business hours are from 10.00 A.M. to 3.00 P.M. on any Business Day.
3
“Calendar Year”
4
“Custodian”
or “HDFC Bank Ltd
5
“CDSC”
6
“Day”
7
ELSS Guidelines / Equity Linked Savings
Scheme, 2005
8
“Financial Year”
9
“Group”
10
“IMA”
11
“Investor”
12
“Net Asset Value” or “NAV”
A Calendar Year shall be 12 full English Calendar months commencing from 1st January
and ending on 31st December.
HDFC Bank Limited, a bank incorporated in Mumbai with limited liability and includes its
successors.
Contingent Deferred Sales Charges permitted under the Regulations for a ‘No Load
Scheme’ to be borne by the Unitholder upon exiting (whether by way of redemption of interscheme switching) from the scheme based on the period of holding of units.
Any day as per English Calendar viz. 365 days in a year.
Guidelines / Equity Linked Savings Scheme, 2005 issued by Central Government vide
Notification No. 226/2005 dated November 03, 2005.
A Financial Year shall be 12 full English Calendar months commencing from 1st April and
ending on 31st March.
As defined in sub-clause (ef) of clause 2 of MRTP Act, 1961.
Investment Management Agreement dated 9th May, 1995, as amended from time to time,
between the TTCPL & TAML.
An investor means any resident or non-resident person whether individual or not (legal
entity), who is eligible to subscribe units under the laws of his/her/their country of
incorporation, establishment, citizenship, residence or domicile and under the Income Tax
Act, 1961 including amendments thereto from time to time and who has made an application
for subscribing units under the Scheme. Under normal circumstances, an Unitholder shall be
deemed to be the investor.
(a) In case of winding up of the Fund:
In respect of an Unit, the amount that would be payable to the holder of that Unit on any
date if the fund were to be wound up and its assets distributed on that date (valuing assets
and liabilities in accordance with the normal accounting policies of the Fund, but ignoring net
distributable income of the current financial year and winding up expenses).
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TATA INFRASTRUCTURE TAX SAVING FUND
(b) Daily for Ongoing Sale/Redemption/ Switch:
In respect of a Unit, the amount that would be payable by/to the investor / holder of that Unit
on any Valuation date by dividing the net assets of the Scheme by the number of
outstanding Units on the Valuation date.
13
“Net Assets”
14
“Non- Resident Indian” / NRI
15
“Permissible Investments”
16
“Portfolio”
Net Assets of the Scheme / Plan at any time shall be the value of the Fund’s total assets
less its liabilities taking into consideration the accruals and the provisions at that time.
A person resident outside India who is a citizen of India or is a person of Indian origin as per
the meaning assigned to the term under Foreign Exchange Management (Investment in firm
or proprietary concern in India) Regulations, 2000.
Investments made on account of the Unitholders of the Scheme in securities and assets in
accordance with the SEBI Regulations.
Portfolio at any time shall include all Permissible Investments and Cash.
Amount collected to cover the cost of providing Redemption / distribution related service to
the Scheme on a continuous basis.
Regulations imply SEBI Regulations and the relevant rules and provisions of the Securities
and Exchange Board of India (Depositories and participants) Regulations 1996, Public Debt
Act 1944,the relevant notifications of the Government of India Ministry of Finance
Department of Revenue, (Central Board of Direct Taxes), the Income Tax Act, 1961; Wealth
Tax Act, 1957, Gift Tax Act, 1958, Foreign Exchange Management Act, 1999 as amended
from time to time and shall also include any Circulars, Press Releases or Notifications that
may be issued by SEBI or the Government of India or the Reserve Bank of India from time to
time.
A resident means any person resident in India under the Foreign Exchange Management
Act, 1999 and under the Income Tax Act,1961, including amendments thereto from time to
time.
The offer made by Tata Mutual Fund through this SID, viz., Tata Infrastructure Tax Saving
Fund.
Securities & Exchange Board of India established under the Securities & Exchange Board of
India Act, 1992.
The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended
from time to time and shall also include any Mutual Fund Regulations, Circulars, Press
Releases, or Notifications that may be issued by SEBI or the Government of India to regulate
the activities and growth of Mutual funds.
17
“Exit Load”
18
“Regulations”
19
“Resident”
20
“Scheme”
21
“SEBI”
22
“SEBI Regulations”
23
“SID”
Scheme Information Document
24
“SAI”
Statement of Additional Information
25
“SIP”
Systematic Investment Plan.
26
“TAML”
27
“TICL”
28
“TMF” or “Fund”
29
“Total Assets”
30
“Trust Deed”
31
“TSL”
32
“TTCPL or Trustee Company”
33
“Unitholder”
34
“Units”
35
“Year”
Tata Asset Management Limited, the Asset Management Company (AMC), a company
within Management Company” the meaning of the Companies Act, 1956 (1 of 1956) and
includes its successors and permitted assigns.
Tata Investment Corporation Limited, a sponsor of the TMF and a shareholder of TAML, a
company within the meaning of the Companies Act, 1913 and includes its successors and
permitted assigns.
Tata Mutual Fund, a trust established under a Trust Deed dated 9th May, 1995, under the
provisions of The Indian Trusts Act, 1882, bearing SEBI registration No. MF/023/95/9.
Total Assets of the Scheme at any time shall be the total value of the Schemes assets taking
into consideration the accruals.
The Trust Deed of the Mutual Fund dated 9th May, 1995, as amended from time to time,
made between TSL and TICL as the settlors, and TTCPL as the Trustee.
Tata Sons Limited, a sponsor of TMF and a shareholder of TAML, a company within the
meaning of the Companies Act, 1913 and includes its successors and permitted assigns.
Tata Trustee Company Private Limited, a company within the meaning of the Companies
Act, 1956 and includes its successors and permitted assigns.
An Unitholder means any resident or non-resident person whether individual or not (legal
entity), who is eligible to subscribe to the Scheme and who has been allotted Units under the
Scheme based on a valid application.
The security representing the interests of the Unitholders in the Scheme. Each Unit
represents one undivided share in the assets of the Scheme as evidenced by any letter/
advice or any other statement / certificate / instrument issued by TMF.
A Year shall be 12 full English Calendar months.
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TATA INFRASTRUCTURE TAX SAVING FUND
E. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY
The following Due Diligence Certificate has been submitted to SEBI:
It is confirmed that:
(i) the draft Scheme Information Document forwarded to SEBI is in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the
guidelines and directives issued by SEBI from time to time.
(ii)
all legal requirements connected with the launching of the scheme as also the guidelines, instructions, etc., issued by the Government and any
other competent authority in this behalf, have been duly complied with.
(iii) the disclosures made in the Scheme Information Document are true, fair and adequate to enable the investors to make a well informed
decision regarding investment in the proposed scheme.
(iv) the intermediaries named in the Scheme Information Document and Statement of Additional Information are registered with SEBI and their
registration is valid, as on date.
For Tata Asset Management Limited
Place: Mumbai
th
Date: 6 October, 2008
Hormuz A. Bulsara
Chief Operating Officer
II. INFORMATION ABOUT THE SCHEME
A. TYPE OF THE SCHEME
A 10 years close ended equity linked saving scheme with a compulsory lock-in period of three years.
B. INVESTMENT OBJECTIVE OF THE SCHEME
The investment objective of the scheme is to seek to provide medium to long term capital gain by investing predominantly in equity / equity related
instruments of the companies in infrastructure and infrastructure related sectors along with the income tax benefit to its unitholders.
C. ASSET ALLOCATION AND RISK PROFILE
Under normal circumstances, the total assets of the Scheme, shall (after providing for all ongoing expenses) generally be invested / the indicative
asset allocation shall be as follows:
Proportion**
(% of Funds Available / Net Asset)
Minimum
Maximum
Instrument
Equity and equity related instruments
80
100
Equity and equity related instruments of companies in
infrastructure and infrastructure related sectors
65
100
Debt, money market and securitized debt instruments*.
0
20
Out of above:
Risk Profile
High
Low to Medium
* The Scheme will invest in securitized debt upto 20% of the Net Assets of the scheme only if it is permitted under the ELSS Guidelines in future.
** At the time of investment
The Scheme will not take any exposure to ADR/GDR’s or to any form of derivative instruments and will do so in future only if specifically enabled by
any amendment to ELSS guidelines in future.
This allocation is not absolute and may vary depending upon prevailing market conditions and the AMC may alter the asset allocation for short
periods on defensive considerations.
No investments will be made in foreign securitised debt.
Not more than 25% of the net assets of the scheme shall be deployed in securities lending. The Scheme would limit its exposure, with regards to
securities lending, for a single intermediary, to the extent of 5% of the total net assets of the scheme at the time of lending.
Investment in Securitized Debt
Securitized debt would be maximum upto 20% of total net assets of the scheme (only if it is permitted under the ELSS Guidelines in future).
Inherently, securitized debt is a riskier instrument as compared to similar debt instruments, as shown by the risk factors for securitized debt. The
fund manager would therefore use great caution / discretion whilst dealing in such paper he would use it only in situation where the securitized debt
is giving a marginally better return for a similarly profiled debt instrument or conversely, if a securitized debt instrument and a debt instrument are
giving the same yield but the debt instrument is rated one notch lower in rating profile. It would be endeavored to ensure that the over all risk profile
of the portfolio does not get materially concentrated in securitized debt, and usage is only to get a better yield if the risk profile of the portfolio is not
affected too adversely.
6
TATA INFRASTRUCTURE TAX SAVING FUND
The Trustee Company may from time to time for a short term period on defensive consideration invest upto 100% of the funds available in Money
Market Instruments, the primary motive being to protect the Net Asset Value of the Scheme and protect unitholders interests so also to earn
reasonable returns on liquid funds maintained for redemption/repurchase of units. The Trustee Company may from time to time for a short term
period under exceptional circumstances on defensive consideration modify/ alter the investment pattern / asset allocation the intent being to protect
the Net Asset Value of the Scheme & Unitholders interests without seeking consent of the unitholders.
Change in Investment Pattern
The Investment Pattern as outlined above is indicative. Investment strategy and pattern may be deviated from time to time, provided such
modification is in accordance with the Scheme objective and Regulations as amended from time to time including by way of Circulars, Press
Releases, or Notifications issued by SEBI or the Government of India to regulate the activities and growth of Mutual Funds, the intent being to
protect the Net Asset Value of the Scheme and Unitholders’ interests. The asset allocation pattern may be modified in the interest of investors; and
to protect the NAV of the Schemes, however, the same will be reviewed by the trustee on a quarterly basis and will be rebalanced to its normal
position in a time frame as permitted by the trustee. However, the AMC will endeavour to achieve a normal asset allocation pattern in a maximum
period of 3 months.
D. WHERE WILL THE SCHEME INVEST
The funds collected under the scheme shall be invested in equities, cumulative convertible preference shares and fully convertible debentures and
bonds of companies. Investment may also be made in partly convertible issues of debentures and bonds including those issued on rights basis
subject to the condition that, as far as possible, the non-convertible portion of the debentures so acquired or subscribed, shall be disinvested within
a period of twelve months.
As per the ELSS Guidelines, it shall be ensured that funds of the scheme shall remain invested to the extent of at least eighty per cent in securities
specified above. The Fund shall strive to invest their funds in the manner stated above within a period of six months from the date of closure of the
New Fund Offer of the scheme. In exceptional circumstances, this requirement may be dispensed with by the Fund, in order that the interests of the
unitholders are protected.
Pending investment of funds of the scheme in the required manner, Mutual Fund may invest the funds in short-term money market instruments or
other liquid instruments or both. After three years of the date of allotment of the units, the Scheme may hold upto twenty per cent of net assets in
short-term money market instruments and other liquid instruments to enable them to redeem investment of those unitholders who would seek to
tender the units for repurchase.
Equity and equity related instruments will include:
•
•
•
•
Equity Shares of listed and Unlisted companies;
Preference shares
Convertible debentures*
Convertible Preference shares
* If convertible debentures are partly convertible debentures instead of fully convertible debentures then, as far as possible, the non-convertible
portion of the debentures so acquired or subscribed, shall be disinvested within a period of 12 months.
Investment in Debt Instruments will include:
•
Securities created and issued by the Central and State Governments and/or repos/reverse repos in such Government
•
Securities as may be permitted (including but not limited to fixed or floating coupon bearing bonds, zero coupon bonds and treasury bills).
•
Securities guaranteed by the Central and State Government (including but not limited to fixed or floating coupon bearing bonds, zero coupon
bonds and treasury bills).
•
Corporate debt and securities (of both public and private sector undertakings) including Bonds, Debentures, Notes, Strips etc. (Including but
not limited to fixed or floating coupon bearing and zero coupon securities).
•
Fixed/Floating rate money market instruments permitted by SEBI, in the call money market or in alternative investments for the call money
market as may be provided by RBI to meet the liquidity requirements.
•
Certificate of Deposits
•
Commercial Paper
•
The non-convertible part of convertible securities.
•
Pass through, Pay through or other Participation Certificates representing interest in a pool of assets including receivables.
•
Any other like instruments as may be permitted by SEBI from time to time.
The fund will, in general invest a significant part of its corpus in equities of companies in infrastructure and infrastructure related sector. However,
pending investments in equities; the surplus amount of the fund should be invested in money market instruments. Also whenever good investment
opportunity are not available, or the equity market is not likely to perform in the view of the Fund manager the Fund will reduce its exposure to
equity and during that period the surplus asset of the Fund shall be invested in debt and money market instruments. However there is no assurance
that all such buying and selling activities would necessarily result in benefit for the Fund. The allocation between debt and equity will be decided
based upon the prevailing market conditions, macro economic environment, and the performance of the corporate sector, the equity market and
other considerations. At time such churning could lead to higher brokerage and transaction costs.
Subject to the Regulations, the investments may be in securities which are listed or unlisted, secured or unsecured, rated or unrated, having
variable maturities, and acquired through secondary market purchases, RBI auctions, open market sales conducted by RBI etc., Initial Public Offers
(IPOs), other public offers, placements, rights, offers, negotiated deals, etc
The Scheme may also enter into repurchase and reverse repurchase obligations in all securities held by it as per the guidelines and Regulations
applicable to such transactions. The main aim of such steps will be to protect the interests of the unitholders. The above investment policies are in
conformity with the provisions of various constitutional documents viz. MOA/AOA of the TAML/ Trustee Company, IMA and the Trust Deed.
7
TATA INFRASTRUCTURE TAX SAVING FUND
The Scheme will purchase securities in the public offerings and rights issues, as well as those traded in the secondary markets. On occasions, if
deemed appropriate, the Scheme will invest in securities sold directly by the issuer, or acquired in a negotiated transaction or issued by way of
private placement. The moneys collected under this scheme shall be invested only in marketable securities.
As per SEBI (Mutual Funds) Regulations 1996, the Fund shall not make any investments in any un-listed securities of associate/group companies of
the Sponsors. The Fund will also not make investment in privately placed securities issued by associate / group companies of the Sponsors. The
Fund may invest not more than 25% of the net assets in listed securities of Group companies. The Scheme may invest subscription money received
from the investing public before close of the New fund offer Period and/or pending allotment of Units, in money market instrument. In addition,
TAML on being satisfied or receipt of the minimum subscription amount can commence investment out of the funds received, in accordance with the
investment objective of the scheme. Income earned (net of expenses) during the period prior to the date of allotment on units shall be merged with
the income of the Scheme on completion of the allotment of the Units. In the event of non receipt of the minimum subscription amount, the Trustee
Company shall ensure that the entire amount collected as subscription money is refunded to the Unitholders notwithstanding any loss arising out of
such investment during the interim period.
E. THE INVESTMENT STRATEGIES
Infrastructure sector plays important role in country’s development and GDP growth. India has already negotiated the difficult transition from public
infrastructure creation to a market-determined model. An ambitious reform programme initiated involving a shift from a controlled to an open market
economy has opened doors for private sector / foreign investment in infrastructure projects such as energy, petroleum, telecommunications
transportation sectors etc. And in the Indian context, removal of regulatory and availability constraints on any product or service, has catalyzed
investments, attracted competition and rationalized costs leading to a new growth trajectory. The infrastructure sector in the country is thus poised
for accelerated growth in the coming years. There is already momentum in highways, power generation and ports, where a successful track record
has fostered a virtuous cycle of more success.
With India rapidly moving on the path to establishing itself as a global sourcing base for manufactured products and gearing up to carve a share of
the textile opportunity post-quota removal in 2005, it is imperative that ports be modernized. The macro-level fiscal budget linked solution for the
overdues of SEBs to utilities (NTPC, NHPC), the successful implementation of the Accelerated Power Development & Reforms Programme
(APDRP) to modernize the overloaded T&D network and the legislation of comprehensive reforms by way of the Electricity Act 2003 all have paved
way for large investment in the Power sector. The biggest trigger for the oil & gas sector is the large gas finds. Besides, with the sector put on the
reform track beginning with dismantling of Administered Pricing Mechanism (APM) in April 2002, competitive pressures are set to intensify and
refinery upgradation to meet Euro-II & III fuel norms are a given. Telecom is another sector where significant progress has been made. India is
already the fastest growing mobility market in the world.
Infrastructure sector comprises of Energy, Power and Power Equipment, Oil & Gas and related industries, Petroleum and related industries, Coal,
Mining, Aluminium and other Metal Industries, Steel and Steel Utilities, Engineering, Construction and Construction Related Industries, Cement,
Transportation, Ports, Telecommunications, Housing, Banking and Financial Services and Healthcare and Related Industries. This list is indicative
and the AMC may add such other sector/group industries which broadly satisfy the category of infrastructure sectors.
The Scheme will invest primarily in equity / equity related instruments of the companies in infrastructure sector. The scheme may also invest in debt
instruments such as non convertible portion of Convertible Debentures (Khokas), Non Convertible Debentures, Securitized Debt, Secured Premium
Notes, Zero Interest Bonds, Deep Discount Bonds, Floating Rate Bonds / Notes, Government securities and Money Market Instrument like Repos,
Commercial Paper, Certificate of Deposit, Treasury Bills, etc.
Pending deployment of funds of a scheme in terms of investment objectives of the scheme, a mutual fund may invest them in short term deposits of
schedule commercial banks, subject to such Guidelines as may be specified by the Board..
The Scheme will emphasize well managed, high quality companies with above average growth prospects that can be purchased at a reasonable
price. Typically these companies will be highly competitive, with a large and growing market share. In selecting specific stocks, the Asset
Management Company will consider and evaluate amongst various criteria network, consistent growth, strong cash flows, high return on capital etc.
Investment in fixed income securities (wherever possible) will be mainly in investment grade listed / unlisted securities. In case of investment in debt
instruments that are not rated, specific approval of the Board of AMC and Trustee Company will be taken.
Investment in Equities
Mix of top down and bottom up approach will be used to invest in equity and equity related instruments. Other sectors, where the scheme may
invest in addition to the infrastructure sector, will be identified based on the Fund Management Team’s analysis of business cycles, regulatory
reforms, competitive advantage, future outlook etc. Selective stock picking will be done from these sectors. The Stock selection will be based on the
fundamentals of the business, the industry structure, the quality of management, corporate governance trends, sensitivity to economic factors, the
financial strength of the company and the key earnings drivers.
Since investing requires disciplined risk management, the AMC would incorporate adequate safeguards for controlling risks in the portfolio
construction process. Risk will also be reduced through adequate diversification of the portfolio.
Investment in Debt Securities
Interest rates are volatile with no clear direction of upward or downward movement in yield. Investment pattern will be flexible for the fund manager
to shuffle between short term floating rate papers, money market instruments and long term floating rate papers, depending on the liquidity of the
paper, spreads between different maturity segments and taking into consideration all other factors effecting bond market. The Scheme would invest
in companies based on various criteria including sound professional management, track record, industry scenario, growth prospectus, liquidity of the
securities, etc. The Scheme will emphasise on well managed, good quality companies with above average growth prospectus whose securities can
be purchased at a good yield and whose debt securities are concerned investments (wherever possible) will be mainly in securities listed as
investments grade by a recognised authority like The Credit Rating and Information Services of India Limited (CRISIL), ICRA Limited (formerly,
Investment Information and Credit Rating Agency of India Limited), Credit Analysis and Research Limited (CARE) etc. In case of investments in
debt instruments that are not rated, specific approval of the Board will be taken except in case of Government Securities being sovereign bonds.
However, in case of investment in unrated securities prior board approval is not necessary if investment is within the parameters as stipulated by
the board.
8
TATA INFRASTRUCTURE TAX SAVING FUND
Portfolio Turnover
The portfolio turnover is expected to be between 50% and 100%. The AMC will endeavour to optimise portfolio turnover to optimise risk adjusted
return keeping in mind the cost associated with it. A high portfolio turnover rate is not necessarily a drag on portfolio performance and may be
representative of arbitrage opportunities that exist for scrips / securities held in the portfolio rather than an indication of change in AMC’s view on a
scrip etc. However, the AMC will take advantage of the opportunities that present themselves from time to time because of the inefficiencies in the
securities markets.
F. FUNDAMENTAL ATTRIBUTES
Following are the Fundamental Attributes of the scheme, in terms of Regulation 18 (15A) of the SEBI (MF) Regulations:
(i) Type of a scheme
A 10 years close ended equity linked saving scheme with a compulsory lock-in period of three years.
(ii) Investment Objective
The investment objective of the scheme is to seek to provide medium to long term capital gain by investing predominantly in equity / equity related
instruments of the companies in infrastructure and infrastructure related sectors along with the income tax benefit to its unitholders.
Investment Pattern and Risk Profile:
Under normal circumstances, the total assets of the Scheme, shall (after providing for all ongoing expenses) generally be invested / the indicative
asset allocation shall be as follows:
Proportion**
(% of Funds Available / Net Asset)
Minimum
Maximum
Instrument
Equity and equity related instruments
80
Risk Profile
100
High
Out of above:
Equity and equity related instruments of companies in
infrastructure and infrastructure related sectors
Debt, money market and securitized debt instruments*.
65
100
0
20
Low to Medium
* The Scheme will invest in securitized debt upto 20% of the Net Assets of the scheme only if it is permitted under the ELSS Guidelines in future.
** At the time of investment
The Scheme will not take any exposure to ADR/GDR’s or to any form of derivative instruments and will do so in future only if specifically enabled by
any amendment to ELSS guidelines in future.
The Trustee Company may from time to time, for a short term period on defensive consideration, modify / alter the investment pattern / asset
allocation, the intent being to protect the Net Asset Value of the Scheme and Unitholders interests, without seeking consent of the unitholders.
(iii) Terms of Issue
Repurchase facility: Investments made in the scheme shall be subject to a compulsory lock-in period of three years from the date of allotment.
Hence, investors will not be able to redeem their investments before expiry of three years from the date of allotment. However, after completion of
three years’ lock-in facility, repurchase facility shall be available on all business days.
Please note that In the event of the death of the unitholder, the nominee or legal heir, as the case may be, shall be able to withdraw the investment
only after the completion of one year from the date of allotment of the units to the unitholder or any time thereafter.
Aggregate fees and expenses charged to the scheme – Please refer section “IV FEES AND EXPENSES” for details.
Change in Fundamental Attributes of the scheme:
In accordance with Regulation 18(15A) of the SEBI (MF) Regulations, the Trustees shall ensure that no change in the fundamental attributes of the
Scheme(s) and the Plan(s) / Option(s) thereunder or the trust or fee and expenses payable or any other change which would modify the Scheme(s)
and the Plan(s) / Option(s) thereunder and affect the interests of Unitholders is carried out unless:
(i)
(ii)
A written communication about the proposed change is sent to each Unitholder and an advertisement is given in one English daily
newspaper having nationwide circulation as well as in a newspaper published in the language of the region where the Head Office of the
Mutual Fund is situated; and
The Unitholders are given an option for a period of 30 days to exit at the prevailing Net Asset Value without any exit load.
G. SCHEME BENCHMARK
BSE SENSEX is the benchmark index for Tata Infrastructure Tax Saving Fund.
The composition of the aforesaid benchmarks is such that, they are most suited for comparing performance of the respective plans. The Trustees
may change the benchmark in future if a benchmark better suited to the investment objective of the scheme is available.
9
TATA INFRASTRUCTURE TAX SAVING FUND
H. Fund Manager
Name
Venugopal M.
Mahendra
Jajoo
Age
Yrs
37
40
Qualification
MBA (Finance),
BSC(Mathematics)
CA, CS, CFA, B.
Com
Total
Experience
14
Other Schemes Under
His Management
TBF,
TYCF,
TPEF,
TIFN,
TIFS,
TEOF,
TISF,
TSIF,
TEMF,
TCBF, TMIF, TMPF,
TSIPF,
TIGIF
and
TGEIF
17 years
Debt Portfolio of TPEF,
TLSTF, TIFN, TIFS,
TEOF, TGF, TEQPEF,
TDYF, TISF, TSIF,
TMCF, TCF, TEMF,
TCBF, TIGIF, TGEIF,
TSIPF, TBF, TYCF,
TTSF, TTAF1
Experience (Assignments held during last 10
years)
August 1995 to September 1997 - Gained good
understanding of the stock market having worked as
dealer at Tata Asset Management Ltd for about two
years after which he assumed equity fund
management responsibility.
Has cleared the certification exam of the BSE
Training Institute, for participating in the derivatives
market. Has good exposure to large number of
industries and companies having done fundamental
research over the years. Currently is the Fund
Manager of certain equity schemes of Tata Mutual
Fund - Reporting to the Managing Director.
From December1995 - Feb1997 with Lodha Capital
Market - worked as a Senior Manager handling
project finance & Merchant Banking.
From March 1997 – November 1997 with Peregrine
Fixed Income India as a Senior Manager –
Institutional Sales.
From December 1997 to February 1999 with ICICI –
as Assistant Vice President – Investment reporting
to Vice President & handling Money market.
From March 1999 to December 2004 with ABN
Amro Securities India Pvt Ltd – as a Head – Primary
Dealership reporting to Managing Director handling
Government securities and corporate bonds.
From January 2005 to June 2008 with ABN AMRO
AMC as CIO – Fixed Income & Structured Products
reporting to Managing Director.
From June 2008 to date Head – Fixed Income &
Structured Products at TATA Asset Management
reporting to Managing Director.
I.
Restrictions on Investments (as per seventh schedule of SEBI {Mutual Funds} Regulations 1996)
1.
No Mutual Fund under all its Schemes should own more than 10% of the Companies paid-up capital carrying voting rights.
2.
Transfers of investments from one scheme to another scheme in the same mutual fund shall be allowed only if:(a) such transfers are done at the prevailing market price for quoted instruments on spot basis.
Explanation- “spot basis” shall have same meaning as specified by stock exchange for spot transactions.
(b)
3.
the securities so transferred shall be in conformity with the investment objective of the scheme to which such transfer has been made.
A scheme may invest in another scheme under the same asset management company or any other mutual fund without charging any fees,
provided that aggregate interscheme investment made by all schemes under the same management or in schemes under the management of
any other asset management company shall not exceed 5% of the net asset value of the mutual fund.
Provided that this clause shall not apply to any fund of funds scheme.
4.
Every mutual fund shall buy and sell securities on the basis of deliveries and shall in all cases of purchases, take delivery of relevant securities
and in all cases of sale, deliver the securities:
Provided that a mutual fund may engage in short selling of securities in accordance with the framework relating to short selling and securities
lending and borrowing specified by the Board:
Provided further that a mutual fund may enter into derivatives transactions in a recognized stock exchange, subject to the framework specified
by the Board.”
5.
Every mutual fund shall, get the securities purchased or transferred in the name of the mutual fund on account of the concerned scheme,
wherever investments are intended to be of long term nature.
6.
Pending deployment of funds of a scheme in terms of investment objectives of the scheme, a mutual fund may invest them in short term
deposits of schedule commercial banks, subject to such Guidelines as may be specified by the Board.”
7.
No mutual fund scheme shall make any investment in;
8.
a)
any unlisted security of an associate or group company of the sponsor; or
b)
any security issued by way of private placement by an associate or group company of the sponsor; or
c)
the listed securities of group companies of the sponsor which is in excess of 25% of the net assets of the schemes.
No Mutual Fund Schemes shall invest more than 10% of its NAV in the equity shares or equity related instruments of any Company including
units/securities of Venture Capital Funds.
Provided that, the limit of 10 per cent shall not be applicable for investments in case of index fund or sector or industry specific scheme.
10
TATA INFRASTRUCTURE TAX SAVING FUND
9.
A Mutual Fund shall not invest more than 10% of its NAV in unlisted equity shares or equity related instruments including units/securities of
Venture Capital Funds in case of close ended scheme.
9A) No scheme of a mutual fund shall make any investment in any fund of fund scheme.
These investment limitations / parameters (as expressed / linked to the net asset / net asset value / capital) shall in the ordinary course apply as at
the date of the most recent transaction or commitment to invest, and changes do not have to be effected merely because, owing to appreciations or
depreciations in value, or by reason of the receipt of any rights, bonuses or benefits in the nature of capital or of any scheme of arrangement or for
amalgamation, reconstruction or exchange, or at any repayment or redemption or other reason outside the control of the Fund, any such limits
would thereby be breached. If these limits are exceeded for reasons beyond its control, TAML shall adopt as a priority objective the remedying of
that situation, taking due account of the interests of the Unitholders.
In addition, certain investment parameters (like limits on exposure to Sectors, Industries, Companies, etc.) may be adopted internally by TAML, and
amended from time to time, to ensure appropriate diversification / security for the Fund. The Trustee Company / TAML may alter these above stated
internal limitations from time to time, and also to the extent the SEBI (Mutual Funds) Regulations, 1996 change, so as to permit the Scheme to
make its investments in the full spectrum of permitted investments for mutual funds to achieve its investment objective. As such all investments of
the Scheme will be made in accordance with SEBI (Mutual Funds) Regulations, 1996, including Schedule VII thereof.
Investment by the Fund and the Asset Management Company
According to the Clause 4 of Schedule 7 read with Regulation 44(1), of the SEBI (MF) Regulations, 1996, the scheme may invest in another
scheme/plan/fund under the management of TAML or any other mutual fund without charging any fees. The aggregate interscheme investments
made by all schemes/plans/funds in the schemes under the same management or in schemes under the management of any other asset
management company shall not exceed 5% of the net asset value of the mutual fund.
TAML (the AMC) may invest in the scheme(s)/plan(s)/fund(s), either in the initial issue or on an ongoing basis, such amount, as they deem
appropriate. The AMC shall not be entitled to charge any management fees on this investment in the scheme(s)/plan(s)/ fund(S). Investments by
the AMC will be in accordance with Regulation 24(3) of the SEBI (MF) Regulations, 1996.
Securities Lending by the Mutual Fund
Subject to the SEBI Regulations as applicable from time to time the Fund may, if the Trustee permits, engage in Stock Lending. Stock
Lending means the lending of securities to another person or entity for a fixed period of time at a negotiated compensation in order to enhance
returns of the scheme portfolio. The securities lent will be returned by the borrower on the expiry of the stipulated period. The AMC will adhere to
the following strict internal limits should it engage in Stock Lending.
Not more than 25% of the net assets of the scheme can generally be deployed in stock lending and not more than 5% of the scheme can be can be
deployed in Stock lending to any single counterparty. Collateral would always be obtained by the approved intermediary. Collateral value would
always be more than the value of the security lent. Collateral can be in form of cash, bank guarantee, government securities, as may be agreed
upon with the approved intermediary, and would also be subject to a mark to market valuation on a daily basis.
Example:
A fund has an equity share of a company which it would wish to hold for a long period of time as a core holding in the portfolio as per the fund
manager’s plan. In that case the investors would be benefited only to the extent of the rise in the value of the share, from time to time if any, on the
exchange. If the fund is enabled to lend the said security to a borrower who would be wanting to take advantage of the market fluctuations in its
price, the borrower would return the security to the lender (scheme) at a stipulated time or on demand for a negotiated compensation. The fund’s
unitholders can enhance their returns to the extent of the compensation it will earn for lending the same. An adequate security or collateral will have
to be maintained by the intermediary. This should always be higher than the cost of the security. Thus it is in the interest of the investors that returns
can be enhanced by way of stock lending rather than hold the security only for capital appreciation potential.
Thus the scenario under which the fund would participate in stock lending would be :
1. There is a holding of security eg 1 lakh shares of XYZ Ltd in the fund which the fund manager wants to be the core holding of the scheme for
approximately 6 to 12 months.
2. There is a borrower (not mutual fund) for the security, (who has taken a short position in the market and needs XYZ Ltd shares to settle it) who is
willing to put up a proper collateral for the same.(In all cases higher than the price of the script).
3. The borrower is represented by a proper recognized intermediary.
4. The agreement is to return the security or the amount so negotiated at a particular period of time or on demand.
Then the security will be lent by the fund and the unitholders would benefit from the additional compensation earned for lending, apart from the
capital appreciation which also happens in that stock. Thus, to summarize, stock lending would be done by the scheme only in the following
circumstances:
a) If permitted by trustees and the extent SEBI regulations in that regard, from time to time.
b) If such activity generates additional returns for the scheme and helps to enhance the scheme returns.
c) If considering the above, and other factors all considered in totality, such activity is in the interest of unitholders in the scheme.
Securities Lending Risks
It may be noted that this activity would have the inherent probability of collateral value drastically falling in times of strong downward market trends,
rendering the value of collateral inadequate until such time as that diminution in value is replenished by additional security. It is also possible that
the borrowing party and/or the approved intermediary may suddenly suffer severe business setback and become unable to honour its commitments.
This, along with a simultaneous fall in value of collateral would render potential loss to the Scheme. Besides, there is also be temporary illiquidity of
the securities that are lent out and the scheme will not be able to sell such lent out securities until they are returned.
J. PERFORMANCE OF THE SCHEME
“This scheme is a new scheme and does not have any performance track record”
11
TATA INFRASTRUCTURE TAX SAVING FUND
III. UNITS AND OFFER
This section provides details you need to know for investing in the scheme.
A. NEW FUND OFFER (NFO)
New Fund Offer (NFO) Period
th
NFO opens on: 17 December, 2008
th
NFO closes on: 16 March, 2009
New Fund Offer Price:
This is the price per unit that the
investors have to pay to invest during
the NFO.
Minimum Amount for Application in the
NFO
The Trustee reserves the right to modify the closing date, subject to the condition that the
subscription list shall be kept open at least for three months.
Rs. 10/- per unit for cash at face value plus applicable load
Dividend Option: Rs. 500/- & in Multiple of Rs. 500/- thereafter.
Growth Option: Rs. 500/- & in Multiple of Rs. 500/- thereafter
Minimum Target amount
Rs. 2 lakh.
This is the minimum amount required to
operate the scheme and if this is not
collected during the NFO period, then all
the investors would be refunded the
amount invested without any return.
However, if AMC fails to refund the
amount within 6 weeks, interest as
specified by SEBI (currently 15% p.a.)
will be paid to the investors from the
expiry of six weeks from the date of
closure of the subscription period.
Maximum Amount to be raised (if any)
No upper limit
This is the maximum amount which can
be collected during the NFO period, as
decided by the AMC.
Plans / Options offered
Dividend Policy
Growth Option and Dividend Option dividend option has the facility of payout and reinvestment.
In case of Growth Option the income / profits received / earned would be accumulated by the Fund
as capital accretion, aimed at achieving medium to long term and also short term capital growth as
reflected in the NAV. In case of Dividend Option the profits received / earned and so retained and
reinvested may be distributed as Income at appropriate rates (after providing for all relevant ongoing
expenses, etc.) and at appropriate intervals as may be decided by the AMC and/or Trustee
Company will be distributed to the unitholders who hold the units on the record date of declaration of
the Income. The Income distribution warrants shall be despatched within 30 days of the declaration
of the Income. Guided by the philosophy of value-oriented returns, the Trustee Company may
periodically capitalise net earnings of the Scheme (including interest income and realised gains on
the Securities) by way of allotment/credit of bonus Units to the Unitholders Accounts in either option.
The Fund reserves a right modify the periodicity and manner of payout of such dividend as they
deem fit without giving any further notice to unitholders.
The Fund does not assure any targeted annual return / income nor any capitalisation ratio.
Accumulation of earnings and / or capitalisation of bonus units and the consequent determination of
NAV, may be suspended temporarily or indefinitely under any of the circumstances as stated in the
clause “Suspension of Ongoing Sale, Repurchase or Switchout of Units.”
Units issued by dividend reinvestment will also be subject to a lock-in period of 3 years from the date
of allotment or maturity of the scheme whichever is earlier. Tax benefit however, will not be available
to units issued on account of dividend reinvested.
Dividend Sweep Facility
Under this facility investor can opt for reinvestment of dividend into any other scheme of Tata Mutual
Fund. This facility is available only for those investors who have opted for dividend reinvestment
facility. This facility is not available to those investors who have opted for dividend payout facility.
Under this facility, the net dividend amount (i.e net of statutory levy / taxes if any) will be
automatically invested on the ex dividend date into other scheme of Tata Mutual Fund specified by
the investor at the applicable NAV of that scheme & accordingly equivalent units will be allotted in
lieu of dividend, subject to the terms of the schemes. The minimum and maximum amount is not
applicable for this facility. No entry load or exit load will be levied on the units issued in lieu of
dividend. AMC reserves the right to modify or withdraw this facility without prior notice.
Default Option:
Please note that if no Option is mentioned / indicated in the Application form, the units will, by
default, be allotted under the Growth Option. In case Dividend option is indicated but sub-option i.e.
pay-out or re-investment is not indicated then the units will, by default, be allotted under dividend
payout option.
Allotment
Deemed date of allotment is March 31, 2009. Allotment of units is assured to all investors subject to
receipt of minimum subscription amount, verification of application form and realization of cheque
12
TATA INFRASTRUCTURE TAX SAVING FUND
and compliance of the provisions of ‘Requirement of Minimum Investors in the scheme’, full
allotment will be made to all valid applications received during the New Fund Offer Period.
Allotment of Units and despatch of Account Statements to FIIs will be subject to RBI approval. Any
addition/ deletion of name from the folio of the unitholder is deemed as transfer of units. But the
Units of the Scheme are not transferable.
In view of the same, additions/ deletion of names will not be allowed under any folio of the
Scheme.
The above provisions in respect of deletion of names will not be applicable in case of death of
unitholder (in respect of joint holdings) as this is treated as transmission of units and not transfer.
An Account Statement will be despatched to each Unitholder stating the number of Units held, etc.
within a maximum of thirty days from the date of allotment.
On request from the unitholders, the Asset Management Company shall within 6 weeks issue the
Unit Certificate. The request can be made to any of the Authorised Investor Service Centres. The
cost for issuing the Unit Certificate in lieu of Account Statement will be borne by the Scheme and will
form part of its annual ongoing expenses.
Refund
Refund of subscription money to applicants whose applications are invalid for any reason
whatsoever, will be without incurring any liability whatsoever for interest or other sum.
The fund will also refund the application money, if it fails to collect the minimum target amount.
The entire amount shall be refunded within a period of 6 weeks of the closure of the New Fund Offer
Period. If, the Fund refunds the amount after 6 weeks, interest @15% per annum for delayed period
shall be paid by the AMC. Refund orders will be marked “A/c. Payee Only” and drawn in the name of
the first applicant.
Who can invest
This is an indicative list and you are
requested to consult your financial
advisor to ascertain whether the scheme
is suitable to your risk profile.
Eligibility for Application
Please note that though various categories of persons, as mentioned below, are eligible for
investment in this scheme, the Income tax benefits as per provisions of Section 80C of the
Income Tax Act, 1961 shall be available only to the Individuals & HUFs.
The following persons (subject, wherever relevant to, purchase of Units being permitted under their
respective constitutions and relevant State Regulations) are eligible to apply for the purchase of the
Units:
•
Adult individuals, either singly or more than one (not exceeding three) on first holder basis or
jointly on an either or survivor/any one basis.
•
Parents, or other lawful Guardians on behalf of Minors.
•
Companies, corporate bodies, public sector undertakings, trusts, wakf boards or endowments,
funds, institutions, associations of persons or bodies of individuals and societies (including Cooperative Societies) registered under the Societies Registration Act, 1860 (so long as the
purchase of Units is permitted under their respective constitutions).
•
Mutual Funds (including any Scheme managed by AMC or any Scheme of any other Mutual
Fund); (in accordance with Regulation 44(1) read with Clause 4 of Schedule VII, of the Securities
& Exchange Board of India (Mutual Funds) Regulations, 1996).
•
Asset Management Company (AMC); (in accordance with Regulation 24(3) of the Securities &
Exchange Board of India (Mutual Funds) Regulations, 1996).
•
Partnership firms, in the name of the partners.
•
Hindu Undivided families (HUF) in the sole name of the Karta.
•
Financial and Investment Institutions / Banks.
•
Army/ Navy / Air Force, para military Units and other eligible institutions.
•
Religious and Charitable Trusts provided these are allowed to invest as per statute and their bylaws.
•
Non-resident Indians/ persons of Indian origin residing abroad (NRIs) on a full repatriation basis.
•
Foreign Institutional Investors registered with SEBI (FIIs).
•
International Multilateral Agencies approved by the Government of India.
Applicants who cannot Invest.
•
Any individual who is a Foreign national or any other entity that is not an Indian resident under
the Foreign Exchange Management Act, 1999, except where registered with SEBI as a FII or FII
sub account.
•
Overseas Corporate Bodies (OCBs) shall not be allowed to invest in the scheme. These would
be firms & societies which are held directly or indirectly but ultimately to the extent of atleast 60%
by NRIs & trusts in which atleast 60% of the beneficial interest is similarly held irrevocably by
such persons (OCBs).
•
Non-Resident Indians residing in the United States of America and Canada.
The Fund reserves the right to include / exclude new / existing categories of investors to invest in
the scheme from time to time, subject to SEBI Regulations and other than prevailing statutory
regulations, if any.
If a person resident of India at the time of subscription becomes a person resident outside India
13
TATA INFRASTRUCTURE TAX SAVING FUND
subsequently, shall have the option to either be paid Redemption value of Units, or continue into the
Scheme if he/ she so desires and is otherwise eligible. However, the person who desires to continue
in the Scheme shall not be entitled to any interest or any compensation during the period it takes for
the Fund to record the change in Address and the Residential Status. Notwithstanding the aforesaid,
the Trustee Company reserves the right to close the Unitholder account and to pay the Redemption
value of Units, subsequent to his becoming a person resident outside India, should the reasons of
expediency, cost, interest of Unitholders and other circumstances make it necessary for the Fund to
do so. In such an event, no resident Unitholders who have subsequently become resident outside
India shall have a right to claim the growth in capital and/ or income distribution.
Where can you submit the filled up
applications.
This scheme has not been registered in any country outside India. To ensure compliance with any
Laws, Acts, Enactments, etc. including by way of Circulars, Press Releases, or Notifications of
Government of India, the Fund may require/give verification of identity/any special/additional
subscription-related information from / of the Unitholders (which may result in delay in dealing with
the applications, Units, benefits, distribution, etc./ giving subscription details, etc). Each Unitholder
must represent and warrant to the Trustee Company / AMC that, among other things, he is able to
acquire Units without violating applicable laws. The Trustee Company will not knowingly offer or sell
Units to any person to whom such offer or sale would be unlawful, or might result in the Fund
incurring any liability or suffering any other pecuniary disadvantages which the Fund might not
otherwise incur or suffer. Units may not be held by any person in breach of the law or requirements
of any governmental, statutory authority including, without limitation, Exchange Control Regulations.
The Trustee company may, compulsorily redeem any Units held directly or beneficially in
contravention of these prohibitions. In view of the individual nature of investment portfolio and its
consequences, each Unitholder is advised to consult his/her own professional advisor concerning
possible consequences of purchasing, holding, selling, converting or otherwise disposing of the
Units under the laws of his/her State/country of incorporation, establishment, citizenship, residence
or domicile.
Computer Age Management Systems (CAMS), Old No. 178, New No. 10, Kodambakkam High
Road, Nungambakkam, Chennai – 600034 has been appointed as Registrar for the Scheme. The
Registrar is registered with SEBI under registration number INR000002813. As Registrar to the
Scheme, CAMS will handle communications with investors and despatch account statements during
the New Fund Offer Period. TAML and TTCPL have satisfied themselves that the Registrar can
provide the services required and have adequate facilities and system capabilities. As Registrar to
the Scheme, they will accept and process Unitholders applications and inform TAML as to the
amounts received for subscriptions (duly reconciled) during the New Fund Offer Period.
The Registrar has set up a special Investor service cell for quick redressal of Unitholder grievances
(if any). All correspondence, including change in the name, address, designated bank account
number and bank branch, loss of Unit Certificate, Account Statement, etc. should be addressed to :
Computer Age Management Systems (CAMS), Old No. 178, New No. 10, Kodambakkam High
Road, Nungambakkam, Chennai – 600034. Website: www.camsonline.com
Email: kiran@tataamc.com (Tata Mutual Fund email address)
Toll Free No. 1800-209-0101
During the New Fund Offer Period Application form (duly completed), along with a cheque (drawn on
respective centers) / DD (payable at respective centers) can be submitted at the Investors Service
Centers.
If there are no authorized investor services centers where the investor resides, the application form
duly completed along with a DD drawn on Chennai, after deducting bank charges / commission (not
exceeding rate prescribed by State Bank of India) from the amount of investment, may be sent by
mail directly to the registrars super scribing the envelop as Tata Mutual Fund – Application form at
the following address:
Computer Age Management Systems (CAMS)
Unit: Tata Mutual Fund
Old No. 178, New No. 10,
Kodambakkam High Road,
Nungambakkam,
Chennai - 600034
If such bank charges / commission are not deducted by the applicant, then the same may not be
reimbursed. However in case of application along with local Cheque or Bank Draft payable at / from
locations where TMF has its designated Authorised Investor Service Centres, Bank Draft charges/
commission may have to be borne by the applicant. In such cases the Trustee Company is entitled,
in its sole and absolute discretion, to reject or accept any application.
For the list of Authorised Investor Service Centres, please refer to the Back Cover Page of this
Scheme Information Document.
How to Apply
Please refer to the Scheme Additional Information and Application form for the instructions.
Listing
It is not proposed to list the scheme on any of the Recognised Stock Exchanges in India.
Special Products / facilities available
during the NFO
Below mention facilities are not available:
Systematic Investment Plan
Systematic Transfer Plan
Systematic Withdrawal Plan
14
TATA INFRASTRUCTURE TAX SAVING FUND
The policy regarding reissue of
repurchased
units,
including
the
maximum extent, the manner of reissue,
the entity (the scheme or the AMC)
involved in the same.
Restrictions, if any, on the right to freely
retain or dispose of units being offered.
Bank Account Details
Evidence of Investment
The AMC may reissue at its discretion upto 100% of the units repurchased at applicable load, if any.
The Units of the Scheme are not transferable. In view of the same, additions/ deletion of names will
not be allowed under any folio of the Scheme.
The above provisions in respect of deletion of names will not be applicable in case of death of
unitholder (in respect of joint holdings) as this is treated as transmission of units and not transfer.
Units issued under the scheme can be assigned or pledged after three years of its issue.
Please refer SAI for the procedure of transmission & pledging..
It shall be mandatory for the Unitholders to mention their bank account numbers in their
applications/requests for redemptions. Unitholders are requested to give the full particulars of their
Bank Account i.e. nature and number of account, name, Account Number, Nine digit MICR code No.
(For Electronic Credit Facility), IFSC code for NEFT a 11 digit number, branch address of the bank
at the appropriate space in the application form.
The investment made in the scheme by the unitholder will be acknowledged by the Fund by issue of
certificate of investment or a statement of account.
B. ONGOING OFFER DETAILS
Ongoing Offer Period
This is the date from which the scheme
will
reopen for subscriptions
/
redemptions after the closure of the
NFO period.
Ongoing
price
for
subscription
(purchase) / switch-in (from other
schemes / plans of the mutual fund) by
investors.
Being a close-ended Scheme, investors can subscribe to the Units of the Scheme during the New
Fund Offer Period only and the scheme will not reopen for subscriptions after the closure of NFO.
Redemption / repurchase facility will be available on all business days after completion of the
compulsory lock-in period i.e. three years from the date of allotment.
Units cannot be subscribed after the closure of NFO.
This is the price you need to pay for
purchase/switch-in.
Example: If the applicable NAV is Rs.
10, entry load is 2% then sales price will
be:
Rs. 10* (1+0.02) = Rs. 10.20
Ongoing price for redemption /
repurchase /switch outs (to other
schemes/plans of the Mutual Fund) by
investors.
This is the price you will receive for
redemptions/switch outs.
Example: If the applicable NAV is Rs.
10, exit load is 2% then redemption
price will be:
Rs. 10* (1-0.02) = Rs. 9.80
Investment in the scheme shall be subject to a lock in period of three years from the date of
allotment. After the expiry of three years from the date of allotment, the fund shall provide repurchase
/ redemption facility on all business days and requests for repurchase can be submitted on any
Business Days, at our Authorised Service Centres (mentioned in this SID). The repurchase request
can be made for a minimum of Rs. 500/- / 50 units or in multiples of Rs.500/- or for all the Units. The
Units will be repurchased (sold back to the Fund) at the relevant NAV less any administrative cost
and other charges termed as Repurchase Load and which shall be the applicable Repurchase price /
NAV related price. The repurchase price will be in accordance with Regulation 49(3) of the Securities
Exchange Board of India (Mutual Funds) Regulations, 1996, which shall not be lower than 95% of the
NAV. The Trustee Company may however, from time to time review and modify the repurchase load
for each choice of investment. The Units if partially repurchased would be subtracted from the Unit
balance of that Unitholder on “First In First Out” basis i.e. the Units that were offered / allotted first
would be the first to be repurchased. In case amount is withdrawn, the same will be converted into
Units at the applicable Repurchase price / NAV related price and the number of Units so arrived at
will be subtracted from the Unit balance of that Unitholder on “First In First Out” basis. The
repurchase would be permitted to the extent of credit balance in the Unitholder’s account.
The repurchase cheque will be issued in the name of the first unitholder. Under normal
circumstances, the Fund will ensure that the repurchase cheques are despatched within ten business
days from the date of processing the repurchase request on repurchase day. In the event of partial
repurchase, the Fund shall despatch the revised Account Statement for the balance number of Units
still being held by the Unitholder along with the repurchase cheque. Credit balances in the account of
a Non- Resident Unitholder on maturity or otherwise, (where RBI final approval and any other
approval (if any required) has been obtained) may be repurchased by the Fund by such Unitholder in
accordance with the procedure described above and also subject to any procedures laid down by
RBI and any other agency. Such repurchase proceeds will be paid by means of a Rupee cheque
payable to the NRE/ NRO account of the Unitholder or subject to RBI procedures and approvals,
such payment in Indian Rupees will be converted into US Dollars or into any other currency, as may
be permitted by RBI, at the rate of exchange prevailing at the time of remittance and will be
despatched at the applicants’ risk, or at the request of the applicants’ will be credited to their NRE/
NRO Accounts, details of which are to be furnished in the space provided for this purpose in the
Repurchase Form. The Fund will not be liable for any delays or for any loss on account of exchange
fluctuations, while converting the rupee amount in US Dollar or any other currency. The Fund (if
required) may also make arrangements to obtain RBI approvals on a case-by-case basis on behalf o
the Unitholder, subject to the Unitholder providing the Fund with the necessary documents required.
15
TATA INFRASTRUCTURE TAX SAVING FUND
Cut off timing for redemptions and
switch out
This is the time before which your
application (complete in all respects)
should reach the official points of
acceptance.
Please note that In the event of the death of the unitholder, the nominee or legal heir, as the case
may be, shall be able to withdraw the investment only after the completion of one year from the date
of allotment of the units to the unitholder or any time thereafter.
As per Section 80C of the Income Tax Act, 1961, repurchase of units of Tata Infrastructure Tax
Saving Fund can be done any time after the expiry of lock-in period i.e. three years from the date of
allotment. Hence, following cut-off timings are applicable only after completion of the lock-in period:
In respect of valid redemption application accepted at a designated collection centre upto 3 p.m. on
any business day by the Mutual Fund, the closing NAV of such business day will be applicable.
In respect of valid redemption application accepted at a designated collection centre after 3 pm any
business day, the NAV of next business day will be applicable.
Valid application for “switch out” shall be treated as redemption and the relevant NAV of
“Switch Out” shall be applicable accordingly.
Where can the applications for
redemption and switches be submitted?
Minimum amount for redemption and
switches
Minimum balance to be maintained and
consequences of non maintenance.
The details of official points of acceptance etc. are provided on the back cover page of this SID.
The repurchase / switche out request can be made for a minimum of Rs. 500/- / 50 units or in
multiples of Rs. 500/- thereafter or for all the Units.
After completion of Lock-in period, the Fund may mandatorily redeem all the Units of any
Unitholder:
a.
If the account balance falls below 50 units due to normal repurchase/switch/ redemption after 3
years from the date of allotment. The fund shall have discretion to redeem balance units
remaining in the account of a unitholder. A written intimation 30 days prior to compulsorily
redemption shall be sent to unitholder; or
b.
Special Products available after
completion of three years’ lock-in period
where the Units are held by a Unitholder in breach of any regulations; or
c.
The repurchase would be permitted to the extent of credit balance in the Unitholder’s account.
Systematic Withdrawal Plan (SWP)
This facility is available after the expiry of lock-in period of three years to enable unitholders of the
scheme to withdraw fixed sums from their unit accounts at periodic intervals. The amount withdrawn
under SWP by redemption shall be converted into the Scheme units at the Repurchase price and
such units will be subtracted from the unit balance of that unitholder. In case the date falls during a
book closure period the immediate next Business day will be considered for this purpose. The
Authorised Investor Service Center may terminate SWP on receipt of a notice from the unitholder. It
will terminate automatically if all units are liquidated or withdrawn from the account or upon the
receipt of notification of death or incapacity of the unitholder.
“SWP facility is available subject to terms and conditions. Please refer to the SWP enrolment form for
terms and condition before enrolment”
Systematic Transfer Plan (STP)
A unitholder may, after the expiry of lock-in period of three years, establish a Systematic Transfer
Plan (STP) and choose to transfer on a monthly or a quarterly basis from the scheme to another TMF
Scheme on a date prescribed by the Investment Manager. The amount thus withdrawn by
redemption shall be converted into units at the applicable NAV on the scheduled day and such units
will be subtracted from the unit balance of that unitholder. Unitholders may change the amount, not
below the specified minimum, by giving two weeks prior written notice to the registrars. STP may be
terminated automatically if the balance falls below the minimum account balance or upon the receipt
of notification of death or incapacity of the unitholders by the fund. Rules relating to the plan may be
changed from time to time by the Investment Manager.
Duration of the scheme
“STP facility is available subject to terms and conditions. Please refer to the STP enrolment form for
terms and condition before enrolment”
The duration of the scheme is ten years. The units under the scheme stand automatically redeemed
on maturity. However investors under the scheme can redeemed the units on any business day
before the maturity but after the expiry of initial lock-in period of three years at the relavent
repurchase price.
If ninety per cent or more of the units under any plan are repurchased before completion of ten years,
the Fund may at their discretion, terminate that plan even before the stipulated period of ten years;
and redeem the outstanding units at the final repurchase price to be fixed by them.
16
TATA INFRASTRUCTURE TAX SAVING FUND
Accounts Statements
For normal transactions (other than SWP/STP) during ongoing repurchase after completion of
lock-in period of three years:
•
The AMC shall issue to the investor whose redemption application (other than SWP/STP) has
been accepted, an account statement specifying the number of units redeemed (within thirty days
from the date of processing the redemption application)
•
For those unitholders who have provided an e-mail address, the AMC will send the account
statement by e-mail.
The unitholder may request for a physical account statement by writing/calling the AMC/ISC/R&T.
For SWP / STP transactions - after completion of lock-in period of three years:
• Account Statement for SWP and STP will be despatched once every quarter ending March, June,
September and December within 10 working days of the end of the respective quarter.
•
A soft copy of the Account Statement shall be mailed to the investors under SWP/STP to their email address on a monthly basis, if so mandated.
•
However, the first Account Statement under SWP/STP shall be issued within 10 working days of
the initial investment/transfer.
•
In case of specific request received from investors, Mutual Funds shall provide the account
statement (SWP/STP) to the investors within 5 working days from the receipt of such request
without any charges.
Please Note: As per SEBI regulations Mutual Funds are permitted to dispatch the account
statements within thirty days from the date of allotment. However, under normal circumstances the
scheme shall endeavor to send the account statements within 10 working days in case of physical
account statements and within 7 working days in case of account statement via E-mail.
Annual Account Statement:
•
The Mutual Funds shall provide the Account Statement to the Unitholders who have not
transacted during the last six months prior to the date of generation of account statements. The
Account Statement shall reflect the latest closing balance and value of the Units prior to the date
of generation of the account statement,
•
The account statements in such cases may be generated and issued along with the Portfolio
Statement or Annual Report of the Scheme.
•
Alternately, soft copy of the account statements shall be mailed to the investors’ e-mail address,
instead of physical statement, if so mandated.
Dividend
The dividend warrants shall be dispatched to the unitholders within 30 days of the date of declaration
of the dividend.
Redemption (after completion of lock-in
period of three years)
The redemption or repurchase proceeds shall be dispatched to the unitholders within 10 working
days from the date of accepting the redemption or repurchase request.
Delay in payment of redemption /
repurchase proceeds
The Asset Management Company shall be liable to pay interest to the unitholders at such rate as
may be specified by SEBI for the period of such delay (presently @ 15% per annum).
C. PERIODIC DISCLOSURES
Net Asset Value
This is the value per unit of the scheme
on a particular day. You can ascertain
the value of your investments by
multiplying the NAV with your unit
balance.
Half yearly Disclosures: Portfolio /
Financial Results
This is a list of securities where the
corpus of the scheme is currently
invested. The market value of these
investments is also stated in portfolio
disclosures.
First NAV of the scheme shall be declared after completion of one year from the date of allotment
and thereafter NAV shall be declared on all business days
The Mutual Fund shall declare the Net asset value of the scheme as above on AMFI’s website
www.amfiindia.com by 9.00 pm and also on the AMC’s website i.e www.tatamutualfund.com.
NAV Information
The Fund will endeavour to publish the Scheme’s NAV on relevant days, as mentioned above, in
atleast 2 daily newspapers (along with repurchase price). In the event NAV cannot be calculated and
/ or published, such as because of the suspension of RBI Clearing, Bank strikes, during the existence
of a state of emergency and / or a breakdown in communications, the Board of Trustees may
temporarily suspend determination and / or publication of the NAV of the Units.
The repurchase price will be in accordance with Regulation 49(3) of the Securities Exchange Board
of India (Mutual Funds) Regulations, 1996, which shall not be lower than 95% of the NAV.
The Fund shall before the expiry of one month from the close of each half year, that is as on March
31 and September 30, publish its unaudited financial results in one English daily newspaper having
all India circulation and in a newspaper published in the language of the region where the Head
Office of the Fund is situated and update the same on AMC's website at www.tatamutualfund.com
within 30 days in format prescribed in terms of SEBI’s circular dated April 20, 2001 and on AMFI's
website at www.amfiindia.com within 30 days from the close of each half year, in the prescribed
formats.
Further the Fund shall also disclose the half-yearly scheme portfolios on its web site at
www.tatamutualfund.com and on AMFI web site (www.amfiindia.com) in the prescribed format before
the expiry of one month from the close of each half year.
The mutual fund may opt to send the portfolio to all unit holders in lieu of the advertisement.
17
TATA INFRASTRUCTURE TAX SAVING FUND
Half Yearly Results
The mutual fund and Asset Management Company shall before the expiry of one month from the
close of each half year that is on 31st March and on 30th September, publish its unaudited financial
results in one national English daily newspaper and in a regional newspaper published in the
language of the region where the Head Office of the mutual fund is situated.
The Fund will, not later than four months after the close of each financial year (March 31), mail to the
Unitholders an abridged scheme wise annual report. Further, the full text of the Annual Report will be
available for inspection at the office of the Fund. A copy of the Annual Report will be sent to Unit holders,
free of cost, on specific request. The fund shall disclose the Annual Report on its website
www.tatamutualfund.com.
Annual Report
Taxation
The information is provided for general
information only. However, in view of
the individual nature of the implications,
each investor is advised to consult his
or her own tax advisors with respect to
the specific amount of tax and other
implications arising out of his or her
participation in the schemes.
As per the provisions of section 80C of Income Tax Act, 1961, investments made by the Individuals &
HUFs in this scheme (along with other prescribed investments) will qualify for a deduction upto Rs. 1
Lac from Gross Total Income. Tax treatment of Dividend income and capital gains are as under:
Resident Investors
Mutual Fund
Nil
Nil
Long Term
Nil
NA
Short Term
15%
NA
Tax on Dividend Distributed
Capital Gains:
The scheme will also attract securities transaction tax (STT) at applicable rates. The mentioned Tax
Rates shall be increased by applicable Surcharge @10%, Education cess @2% and Secondary and
higher education cess@ 1%.
If any tax liability arising post redemption on account of change in tax treatment with respect to
dividend distribution tax / capital gain tax, by the tax authorities, shall be solely borne by the investors
and not by the AMC or the Trustee Company.
Deduction under section 80C: As per the Act, section 80C is inserted from the financial year
commencing on and from April 01, 2005. As per the section, subject to the provisions, an
individual/HUF is entitled to a deduction from Gross Total Income upto Rs. 1,00,000/- (along with
other prescribed investments) for amounts invested in any units of a mutual fund notified under
section 10(23D) of the Act, under any plan formulated in accordance with such scheme as the
Central Government may notify.
For further details on taxation please refer to the clause on Taxation in the SAI.
Associate Transactions
Please refer to Statement of Additional Information (SAI).
Investor services
The AMC has designated an Investor Relations Officer to look into investor grievances regarding
deficiencies, if any, in the services provided by the Registrars or the Investor Service Centres.
Name of the Investor Relations Officer:
Ms. Latha Rajaraman
Address:
221, Dr. D. N. Road,
Fort House,
Fort, Mumbai 400 001
Tel: (022) 66578282
Email address: kiran@tataamc.com
The AMC will have the discretion to change the Investor Relations’ Officer depending on operational
necessities and in the overall interest of the fund.
D. COMPUTATION OF NAV
After expiry of one year from the date of allotment, Net Asset Value (“NAV”) of the Units shall be determined on all business days on which the
Bombay Stock Exchange is working.
NAV shall be calculated in accordance with the following formula:
Market Value of Scheme’s Investments + Accrued Income + Receivables + Other Assets –
Accrued Expenses - Payables - Other Liabilities
NAV= ————————————————————————————————————————————Number of Units Outstanding
The computation of Net Asset Value, valuation of Assets, computation of applicable Net Asset Value (related price) for ongoing Redemption, Switch
Out and their frequency of disclosure shall be based upon a formula in accordance with the Regulations and as amended from time to time
including by way of Circulars, Press Releases, or Notifications issued by SEBI or the Government of India to regulate the activities and growth of
Mutual Funds. The NAVs of the fund shall be rounded off upto four decimals.
As per the Equity Linked Savings Scheme, 2005 dated 3/11/2005 While calculating the repurchase price, the Mutual Fund shall take into account
the unrealised appreciation in the value of the investment of the funds of the scheme to the extent they deem fit provided that it shall not be less
than fifty per cent of such unrealized appreciation. While calculating the repurchase price, the Funds may deduct such sums as are appropriate to
meet management, selling and other expenses including realisation of assets and such sums shall not exceed five per cent per annum of the
average Net Asset Value of the scheme.
IV. FEES AND EXPENSES
This Section outlines the expenses that will be charged to the scheme.
18
TATA INFRASTRUCTURE TAX SAVING FUND
A. NEW FUND OFFER (NFO) EXPENSES
These expenses are incurred for the purpose of various activities related to the NFO like sales and distribution fees paid marketing and advertising,
registrar expenses, printing and stationary, bank charges etc.
The new fund offer expenses of ‘Tata Infrastructure Tax Saving Fund’ shall be met out of the entry load and excess if any shall be borne by the
AMC. As such, for every Rs. 100/- contributed by the investor, whole of Rs. 100/- (net of entry load) will be available to the scheme for investment.
B. ANNUAL SCHEME RECURRING EXPENSES
These are the fees and expenses for operating the scheme. These expenses include Investment Management and Advisory Fee charged by the
AMC, Registrar and Transfer Agents’ fee, marketing and selling costs etc. as given in the table below:
The AMC has estimated following percentage of the weekly average net assets of the scheme will be charged to the scheme as expenses. For the
actual current expenses being charged, the investor should refer to the website of the mutual fund.
Particulars
% of Net Assets
Investment Management & Advisory Fee
1.25
Custodial Fees
0.10
Registrar & Transfer Agent Fees including cost related to
providing
accounts
statement,
dividend/redemption
cheques/warrants etc.
Marketing & Selling Expenses including Agents Commission
and statutory advertisement
Brokerage & Transaction Cost pertaining to the distribution of
units
0.25
0.40
0.20
Audit Fees / Fees and expenses of trustees
0.17
Costs related to investor communications
0.10
Costs of fund transfer from location to location
0.03
Other Expenses
0.00
Total Recurring Expenses
2.50
These estimates have been made in good faith as per the information available to the Investment Manager based on past experience and are
subject to change inter-se. Types of expenses charged shall be as per the SEBI (MF) Regulations.
Investment Management fees charged by TAML shall be 1.25% of the weekly average net assets for net assets upto Rs. 100 crores and 1.00% of
the weekly average net assets on the balance amount above Rs. 100 crores. This fee shall be conformity with SEBI Regulations & shall be payable
at a frequency as agreed between the AMC and Trustees from time to time. TAML shall not charge any fees on its investment in Units of the
Funds/Schemes/Plans in TMF or any other Mutual Fund.
The recurring expenses of the Schemes, and the additional management fee shall be as per the limits prescribed under Sub-Regulations (6) of
Regulations 52 of the Regulations and shall not exceed the limits prescribed thereunder.
As per the Regulations, the maximum recurring expenses that can be charged to the Scheme shall be subject to a percentage limit of weekly net
assets as in the table below:
First Rs. 100 crore
Next Rs. 300 crore
Next Rs. 300 crore
Over Rs. 700
crore
2.50%
2.25%
2.00%
1.75%
C. LOAD STRUCTURE
Load is an amount which is paid by the investor to subscribe to the units or to redeem the units from the scheme. This amount is used by the AMC
to pay commissions to the distributor and to take care of other marketing and selling expenses. Load amounts are variable and are subject to
change from time to time. For the current applicable structure, please refer to the website of the AMC (www.tatamutualfund.com) or may call at
(1800-209-0101) or your distributor.
Type of Load
Load chargeable (as %age of NAV)
For each investment amount of less than Rs. 2 Crore: 2.25%
Entry
Exit
For each investment amount of greater than or equal to Rs. 2 Crore: NIL
NIL
No loads shall be charged on the units subscribed by any fund of fund scheme.
Bonus units and units issued on reinvestment of dividends shall not be subject to entry and exit load.
All loads including Contingent Deferred Sales Charge (CDSC) for the Scheme shall be maintained in a separate account and may be utilised
towards meeting the selling and distribution expenses. Any surplus in this account may be credited to the scheme, whenever felt appropriate by the
AMC.
The investors are requested to check the prevailing load structure of the scheme before investing.
The AMC reserves the right to change/modify exit / switchover load (including zero load), depending upon the circumstances prevailing at any given
time. However any change in the load structure will be applicable on prospective investment only. The AMC may charge an exit load for switch of
19
TATA INFRASTRUCTURE TAX SAVING FUND
units from one plan/option to another plan/option within the Scheme and/or any other scheme of TMF depending upon the circumstances prevailing
at any given time. The switchover load may be different for different plans/options and the switchover load may be different from the entry and /or
exit load charged for sale and/or repurchase units. The load charged could also be different for different options in the plans of the Scheme at the
same time and different as regards the amount/tenor of investment, etc.
As per SEBI circular dt. May 23, 2008, the mutual fund at the time of changing the load structure, the mutual funds may consider the following
measures to avoid complaints from investors about investment in the schemes without knowing the loads:
•
The introduction of the exit load / CDSC along with the details may be stamped in the acknowledgement slip issued to the investors on
submission of the application form and may also be disclosed in the statement of accounts issued after the introduction of such load/CDSC.
•
The addendum detailing the changes may be attached to Scheme Information Documents and Key Information Memorandum. The addendum
may be circulated to all the distributors/brokers so that same can be attached to all Scheme Information Documents and Key information
memoranda already in stock.
•
The investor is requested to check the prevailing load structure of the scheme before investing. For any change in load structure arrangement
may be made to display the addendum in the Scheme Information Document in the form of a notice in all the investor service centers and
distributor/ brokers’ office.
•
A public notice shall be given in respect of such changed in one English daily newspaper having nationwide circulation as well as in a
newspaper publishes in the language of region where the Head office of Mutual Fund is situated.
D. WAIVER OF LOAD FOR DIRECT APPLICATIONS
No entry load shall be charged for direct applications (for fresh subscription, as additional subscription by the existing investors and switch
applications) ) received by the AMC i.e applications received through internet or applications accepted at the offices of AMC or authorised investor
service Centres that are not routed through any distributor or agent/broker. Such applications may be marked DIRECT or NOT APPLICABLE
in the broker code column of the application form/transaction slip. In case of any change in the broker code column, the investor has
to strike off the earlier entry, enter the new code (DIRECT, NOT APPLICABLE OR BROKER CODE) and the same has to be counter
signed. Application / Transaction slip for subscription or switch in without mention of broker code or where the broker code column is blank, shall be
treated as direct application.
V. RIGHTS OF UNITHOLDERS
Please refer to SAI for details.
VI. PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF INSPECTIONS OR INVESTIGATIONS
FOR WHICH ACTION MAY HAVE BEEN TAKEN OR IS IN THE PROCESS OF BEING TAKEN BY ANY
REGULATORY AUTHORITY
This section contains the details of penalties, pending litigation, and action taken by SEBI and other regulatory and Govt. Agencies.
1.
All disclosures regarding penalties and action(s) taken against foreign Sponsor(s) may be limited to the jurisdiction of the country where the
principal activities (in terms of income / revenue) of the Sponsor(s) are carried out or where the headquarters of the Sponsor(s) is situated.
Further, only top 10 monetary penalties during the last three years shall be disclosed. - NIL
2.
In case of Indian Sponsor(s), details of all monetary penalties imposed and/ or action taken during the last three years or pending with any
financial regulatory body or governmental authority, against Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee Company; for
irregularities or for violations in the financial services sector, or for defaults with respect to share holders or debenture holders and depositors,
or for economic offences, or for violation of securities law. Details of settlement, if any, arrived at with the aforesaid authorities during the last
three years shall also be disclosed. - NIL
3.
Details of all enforcement actions taken by SEBI in the last three years and/ or pending with SEBI for the violation of SEBI Act, 1992 and Rules
and Regulations framed there under including debarment and/ or suspension and/ or cancellation and/ or imposition of monetary
penalty/adjudication/enquiry proceedings, if any, to which the Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee Company
and/ or any of the directors and/ or key personnel (especially the fund managers) of the AMC and Trustee Company were/ are a party. The
details of the violation shall also be disclosed. - NIL
4.
Any pending material civil or criminal litigation incidental to the business of the Mutual Fund to which the Sponsor(s) and/ or the AMC and/ or
the Board of Trustees /Trustee Company and/ or any of the directors and/ or key personnel are a party should also be disclosed separately.
“SEBI has filed a writ petition before the Bombay High Court seeking direction to the Additional Metropolitan Magistrate (the Magistrate) to
expedite the case in a criminal complaint (for alleged insider trading) initiated by them earlier against Hindustan Lever Ltd. (HLL) and its five
Executive Directors who held such office in March 1996. Thereafter, the Magistrate has taken congnizance of SEBI’s complaint and has
directed the issue of summons to HLL and the five Executive Directors Mr. S.M. Datta, a director of the Tata Trustee Company Pvt. Ltd., was
one of the five Executive Directors of HLL who are being proceed against.”
5.
Any deficiency in the systems and operations of the Sponsor(s) and/ or the AMC and/ or the Board of Trustees/Trustee Company which SEBI
has specifically advised to be disclosed in the SID, or which has been notified by any other regulatory agency, shall be disclosed. - NIL
Notwithstanding anything contained in this Scheme Information Document, the provisions of the SEBI (Mutual Funds) Regulations, 1996
and the guidelines there under shall be applicable.
th
Note: The Scheme under this Scheme Information Document was approved by the Trustee Company on 27 September, 2007.
By order
Board of Directors
Tata Asset Management Limited
Place: Mumbai
H. A. Bulsara
th
Date: 15 December, 2008
Chief Operating Officer
20
Kotak NFO Collection Centres:
Ahmedabad: Ground Floor, Ghantakama Market, Near New Cloth Market, Ahmedabad, Gujarat-380002. Bangalore: 10/7, Umiya Land Mark, Next to Chancery Hotel, Lavelle Road,
Bangalore, Karnataka - 560001. Baroda: Panorama Building, R.C.Dutta Road, Alkapuri, Vadodara-300097. Bhopal: 214, Bhagwan Complex, Zone 1, M P Nagar, Bhopal, MadhyaPradesh
- 462016. Chandigarh: SCO 153-154-155, Madhya Marg, Sector 9 -c, Chandigarh - 160 009. Chennai: Capitale, Ground Floor, 555, Annasalai, Chennai-600008. Cochin: Ground Floor,
Kumarapillai Estate, M G Road Cochin, Kerala-682017. Coimbatore: 727, Avinashi Road, Skanda square, Coimbatore, Tamilnadu - 641018. Hyderabad: Pavani Jewel Tower, Ground Floor,
Somajiguda,Hyderabad, Andhra Pradesh - 500089. Indore: 580, M.G.Road, Indore, MadhyaPradesh - 452001. Jaipur: 57, Krishna Tower, Sardar Patel Marg, C-Scheme, Jaipur, Rajasthan
- 302001. Kanpur: 17/03, The Mall, Meghdoot HoteL Building, Kanpur, Uttar Pradesh - 208001. Kolkatta: Appejay House, 15 Park Street, Kolkatta, West Bengal - 700016. Lucknow: 3GF,
Speed Building, Shahanazaf Road, Lucknow -, Uttar Pradesh -226001. Ludhiana: SCO 120, Ground Floor, Feroze Gandhi Market, Ludhiana, Punjab - 141001. Mumbai: 5C/ii Mittal Court,
224, Nariman Point, Mumbai, Mumbai- 400 021. Nagpur: Ground Floor, 345, Shree Mohini Complex, Kingsway, Nagpur -, Maharashtra - 440001. New Delhi: Ground Floor, Ambadeep, 14,
K.G. Marg, New Delhi-110001. Panjim: Ground Floor, Hotel Park Plaza, Opp Azad Maidan, Panjim, Goa - 403001. Patna: Shop No 3,4,5, Ahmad Husain Complex, Exhibition Road, Gandhi
Maidan, Patna - 800001. Pune: M-4 Virwani Plaza, 11, East Street, Pune -411001. Rajkot: Nath Complex, Ground Floor, Near Race Course, Dr. Yagnik Road, Rajkot - 360007. Surat: 29-39,
Megh Mayur Plaza, Surat Dumas Road, Athwa Lines Surat, Gujarat 395007.
Standard Chartered Bank NFO Collection Centres:
Ahmedabad: Abhijeet II, Ground Floor Mithakali, 6th Road, Ahmedabad –380006. Allahabad: 2 Sardar Patel Marg, Civil Lines, Allahabad 211 001. Amritsar: Gandhi Bazar ,The Mall,Post
Box 3, Amritsar-143001.Bangalore: 26th Floor, West Wing Raheja Tower, M .G Road Banglore –560001. Baroda: Gokulesh, R C Dutt Road, Vadodara – 390 009. Bhopal: Ground Floor,
Northern Wing, Alankar Complex,Plot No.10,Zone II, MP Nagar, Bhopal-462011. Bhubaneswar: Plot No 3 Bapuji Ngr, Janapath, Bhubaneswar: 751009. Chandigarh: SCO, 137-138, Sector
– 9C, Madhya Marg, Chandigarh. 160017. Chennai: 19, Rajaji Salai Chennai 600001. Cochin: XXIV/ 1633, KPK Menon Road, Willingdon Island, Cochin- 682003. Coimbatore: 509, D. B.
Road, R. S. Puram, Coimbatore- 641 002. Guwahati: G N Bardoli Road, Ambari – Guwahati-781001. Hyderabad: 6-3 1090 Raj Bhavan Road Somajiguda , Hyderabad 500082. Indore: 21/1
DM Tower , Race Cource Road, Indore 452001. Jaipur: H8, Showroom No.1, Bhagwat Bhawan, MI Road, Jaipur 302 001. Jalandhar: Plot No. 34, G. T. Road, Jalandhar. 144 001. Kanpur:
16/105, M.G. Marg, Kanpur – 208 001. Kolkata: 19 Netaji Subhas Road, Kolkata 700001. Lucknow: 4 Shahnajaf Road, Lucknow UP-226001. Ludhiana: SCO 16-17, Feroze Gandhi Market,
Ludhiana, Punjab- 141001. Mumbai: 270 D.N.Road, Fort Mumbai 400001. Nagpur: Narang House, Palm Road, Civil lines, Nagpur 440001. New Delhi: H-2 Connaught Circle New Delhi
110001. Patna: Bhagwati Dwaraka Arcade, Plot No: 830 P, Exhibition Road, Patna -800 001. Pune: Shrirang House, 364-365, Junglee Maharaj Road, Shivaji Nagar, Pune – 411 005. Rajkot:
Business Empire, 5 Jagnath Plot, Gymkhana Road, Rajkot 360002. Surat: C.K.Tower,1st floor, Nr. Sargam Shopping Center, Towards Surat - Dumas Rd.,Parle point, Surat -395007.
HDFC NFO Collection Centres:
Aligarh: 3-316 Ramghat Road, Near Devi Tray Hospital, Aligarh, 202 001. Agra: Shop No F3,F3-a, 1st Floor, Friend’s Plaza, Sanjay Place, Agra, 282 002. Ahmedabad: HDFC Bank House,
Near Mithakali Six Roads, Navrangpura, 380 009. Ahmednagar: Amber Plaza, Station Road, Opp Adcc Bank Sahakar Gruh, Ahmednagar, 414 001. Ajmer: Amc No - 13/10 & 14/10, Near
Suchma Kendra, Adajcent To Swami Complex, Ajmer, 305 001. Akola: Sethi Heights, Opp To Collector Office, Z P Road, Akola, 444 001. Allahabad: 54/1 S.p. Marg Civil Lines, Allahabad,
211 003. Alwar: Bhagat Singh Circle, Road No 2, Alwar, 301 001. Ambala: Shingar Palace Complex, Nicholson Road, Ambala Cantt, 133 001. Amravati: C/O Rasik Plaza, Jaistambh Chowk,
Morshi Road, Amravati, 444 601. Amreli: 2 Manekpura, Station Road, Amreli, 365 601. Amritsar: 1st Floor, R.s Towers, Hall Bazar, Amritsar, 143 001. Anand: 1st Floor, Sanket Towers,
Opp Anand Arts College, Grid Road, Anand, 388 001. Ankleshwar: S A Motors Building, S A Motors Building, Ankleshwar, 395 002. Asansol: Cms Dept, P C Chatterjee Market, G.t Road,
Rambhandu Tala, Asansol, 713 303. Aurangabad: Shivani Chambers, Manjeet Nagar, Jalna Road, Opp Akashwani, Aurangabad, 431 001. Balasore: C/O Bharat Motors, F.m Circle, Balasore,
756 001. Bangalore: No 8 / 24 Salco Centre, Richmond Road, Bangalore, 560 025. Bardoli: Shree Ambika Niketan Temple, Shree Ambika Niketan Temple, Bardoli, 394 601. Barielly: 154,
Krishna Palace, Civil Lines, Bareilly, 243 001. Baroda: 5th Floor, Midway Heights, Next To Panchmukhi Hanuman Temple, Lokmanya Tilak Road, Kirti Mandir, Near Kala Ghoda, Raopura
Baroda - 390 001, Baroda, 390 001. Begusarai: Kachari Chowk, Begusarai, 851 101. Belgaum: 4830 / 28 A Opp District Hospital, Dr Ambedkar Road, Belgaum, 590 002. Bhagalpur: Khalifa
Bagh Chowk, Triveni Apartments, Dr R P Road, 812 002. Bharuch: Near Octroi Naka Link Road, Near Octroi Naka, Link Road, Bharuch, 392 001. Bhatinda: 3027 - B Guru Kanshi Marg,
Bhatinda, 151 001. Bhavnagar: Gopi Arcade, Opp Takhteshwar Post Office, Bhavnagar, 364001. Bhilai: Chauhan Estate, G.e Road, Supela, Bhilai, 490 023. Bhilwara: 2-3-4, S.k Plaza
Complex, Pur Road, Bhilwara, 311001. Bhiwadi: Sp 54 Ashiana Arcade, Riico Industrial Area, Bhiwadi, 301 019. Bhopal: E - 1/57, Arera Colony, Bhopal, 462 016. Bhubaneshwar: Junction
Of Janpath & Gandhi Marg, Hotal Jajati Complex, Kharvelanagar, Unit - Iii, Master Canteen Square, Bhubaneshwar, 751 001. Bhuj: 101 & 102 Sunrise Tower, 11 - Vijaynagar Society, Hospital
Road, Bhuj, 370 001. Bhusaval: Mansingh Complex, C.t.s No 3294, H No 4 / 285, Jamner Road, Opposite Csm Complex, Bhusaval, 425 201. Bokaro: B-9 City Centre, Sector Iv, B - 9, City
Center, Sector Iv, Bokaro Steel City, Bokaro, 827 004. Burdwan: 45 G.t Road, Birhata, Burdwan, 713 001. Calicut: Malabar Palace, G.h Road, Calicut, 673 001. Chalakudy: Police Station
Road, Chalakudy, 680 307. Chandigarh: Sco 371/372, Sector 35 - B, Chandigarh, 160 034. Changanacherry: Cms Dept, Golden Tower, Golden Tower, M C Road, Vezhakattiuchira,
Changanacherry, 686 101. Chengannur: Govt Hospital Junction, Chengannur, 689 121. Cochin: 1st Floor, Sl Plaza, Palarivattom, Cochin, 682 025. Coimbatore: 1635 Classic Tower, Trichy
Road, Coimbatore, 641 018. Curchorem: Cms Dept, Mopkar Chamunda, Ground Floor, Near Post Office, Curchorem - Sanguem Road, Curchorem, 403 706. Cuttack: Bajrakbati Road,
Cuttack, 753 001. Dahanu: Matruashish Building, Irani Road, Dahanu Road, Dahanu, 401602. Daman: Arc Shopping Mall, Dilip Nagar, Teen Batti, Daman, 396 210. Davangere: No 621,
Bhm Enclave, Binny Co Road, Mandipet, Davangere, 577 002. Dehradun: 56, Rajpur Road, Uttaranchal, Dehradun, 248 001. Delhi: Figops, Ist Floor, Kailash Building, 26 K G Marg, New
Delhi, 110 001. Dhanbad: Sri Ram Plaza, 1st Floor, Bank More Dhanbad, Jharkhand, 826 001. Dharamsala: 363 / 6 Centre Point, Civil Lines, Dharamsala, 176 216. Dhule: Lane No 6,
Mundada Arcade, Parola Road, Dhule, 425 001. Durgapur: A102 & 103, City Centre, Bengal Shristi Complex, City Center, Durgapur Road, Durgapur, 713 216. Erode: 456 Brough Road,
Erode, 638 001. Faridabad: 5-r/2, Badshah Khan Chowk,Nit, Faridabad 121 001. Ferozepur: Cms Dept, Building 307 / 7, The Mall, Ferozpur City, Haryana, 152 002. Gandhidham: Plot
No 1, Sector 8, Rabindranath Tagore Road, Near Gpo, Gandhidham, 370 201. Gaya: Near Ganta Ghar, K.p Road, Gaya, 823 001. Ghaziabad: C - 29, Rdc, Rajnagar Ghaziabad - 201001.
Gondal: Ground And First Floor, College Chowk, Next To Central Bank Of India, Gondal, 363 0311. Gorakhpur: Cms Dept, Prahlad Rai Trade Centre, Ayodhya Crossing, Bank Road,
Gorakhpur, 273 001. Guntur: 87-90, Main Road, Lakshmipuram, Guntur, 52 2007. Gurdaspur: Cms Dept, Scf-1& 2 Shopping Complex, Improvement Trust Market, Hanuman Chowk,
Gurdaspur, 143 521. Gurgaon: Dlf- Gurgaon, A-12, The Shopping Mall, Dlf Qutab Enclave Phase 1, Gurgaon 122 001. Guwahati: Fancy Bazar Branch - Wbo, Mishra Complex Jail Road,
Guwahati, 781 001. Gwalior: Block G1, Plot No . 43, Anand Deep Building, City Centre, Gwalior, 474 011. Hajipur: Vimal Complex, Dak Banglow Complex, Opp T V S Showroom, Hajipur,
844 101. Haldwani: 8/6, Nainital Road, Bhotia Prao, Haldwani, 263 141. Hazaribagh: Annada Chowk, Guru Gobind Singh Road, Hazaribagh, 825 301. Himatnagar: G.f Shop No 5-8 & First
Floor 4 - 9, Kumar House, Durga Oil Mill Compound, Himmatnagar, 383 001. Hisar: Sco 170 A Commercial Building, Red Square Market, Station Road, Hissar, 125 001. Hoshirapur: Sco
1-2-3, Scheme No 11, Improvement Trust Market Chandigarh Road, Hoshiarpur-, 146 001. Hosur: No. 24 & 25, Maruthi Nagar, Near Dharga, Sipcot Po, Hosur, 635 126. Hubli: T B Revankar
Complex, Vivekanand Hospital Road, Hubli, 580 029. Hyderabad: 6-1-73 3rd Floor Saeed Plaza, Lakadikapaul, Hyderabad, 500 004. Indore: 3 Rd Floor, 9/1a, U.v.house, South Tukonj,
Indore, 452 001. Irinjalakuda: Ushus Complex, Main Road West Tana Po, Irinjalaguda, 680 121. Jabalpur: 1702, Naiper Town, Model Road, Jabalpur, 482 002. Jagraon: 368 B, Kapoor
Building, Tehsil Road, Jagraon, 142 026. Jaipur: 1st Floor, O - 10, Ashok Marg, Ahimsa Circle, C Scheme, Jaipur, 302 001. Jalandhar: 911, Near Narinder Cinema, G T Road, Jalandhar, 144
001. Jalgaon: Plot No 134 / 135, Dsp Chowk, Facing Mahal Road, Jalgaoan, 425 001. Jammu: Cb 13, Railhead Complex, Gandhi Nagar, Jammu Tawi, Jammu, 180 001. Jamnagar: Plot No
6, Park Colony, St Ann’s School, Bedi Bunder Road, Jamnagar, 361 008. Jamshedpur: C/O Mithila Motors Ltd, Near Ram Mandir, Bistupur, Jamshedpur, 831 001. Jhansi: Damroo Cinema
Complex,Civil Lines, 284 001. Jodhpur: Plot No 57 / B, 9th Chopasani Road, Jodhpur, 342 003. Junagadh: Moti Palace, Ground Floor, Opp Raijinagar, Junagadh, 362 001. Kadi: Radhaswami
Complex, R.s No 242, Nr N.c. Desai Petrol Pump, Highway Char Rastha, Kadi, 382 715. Kalyani: B-7/40 & 41(s) Central Avenue West, Central Park, B-7/40 & 41(s),Central Avenue West,
Central Park, Kalyani, 741 325. Kannur: Cms Dept, K V R Towers, South Bazar Road, Kannur, 670 002. Kanpur: Navin Market Branch, 15/46 Civil Lines, Kanpur, 280 001. Kapurthala: Mgn
School, Mall Road, Kapurthala, 144601. Karad: Near Hotel Sangam, Pune Bangalore Highway, Karad, 415 110. Karnal: Sco 778-779, Opp Mahabir Dal Hospital, Kanjpura Road, Karnal,
132001. Khanna: Opp Bus Stand, G.t Road, Khanna, 141 401. Kolhapur: Gem Stone, Raosaheb Vichare Complex, 517, E Ward, New Shahupuri, Near Central Bus Stand And Parikh Pool,
Kolhapur, 416 001. Kolkata: Abhilasha Ii, 6, 1st Floor, 6 Royd Street, Kolkata, 700 016. Kota: Show Room No 13 - 14, Main Jhalawar Road, Kota, 324 007. Kottayam: Unity Building, Opp
Midc Centre, K K Road, Kottayam, 686 002. Kurukshetra: Cms Dept, Shop No 1 To 5, Kalawati Market, Railway Road, Kurukshetra, 136 118. Latur: Shri Prabha Arcade, Shop No 3-6, M.g
Road, Near Nagar Parishad, Opp Town Hall, Latur, 413 512. Lucknow: Pranay Tower,Darbari Lal Sharma Marg, Beside Pratibha Cinema, Lucknow, 226 001. Ludhiana: Cms Dept, 5th Floor,
Mall Road, Ludhiana, 141 001. Madras: Mariam Centre, Ground Floor, 759, Anna Salai, Chennai, 600 002. Madurai: 7 - A, West Veli Street, Opp Railway Station, Madurai, 625 001. Mandi
Gobindgarh: Hukum Chand Bansal Building, Main Post Office Roda, Mandi Gobindgarh, 147 301. Mangalore: M.n Towers, Kadri, Mangalore, 575 002. Manjeri: Cms Dept, Kurikal Plaza,
Bldg #20/1245 Kacheripady, Malapurram Road, Manjeri, 676 121. Mapuca: S 1 / 2 Ground Floor, Cosmos Towers, Near Govt Bldg Complex, Mapusa, 403 507. Margoa: Ranghavi Building,
Opp Municipality Garden, Dr George Barette Road, Margoa, 403 601. Mathura: Cms Dept, Ops Bsa College, Gaushala Raod, Mathura, 281 001. Meerut: 381 Western Kachery Road,
Meerut, 250 001. Mehsana: Prabhu Complex, Near Raj Kamal Petrol Pump, Abhu Highway, Mehsana, 384 002. Moga: G.t Road, Opp D.c Office, Moga, 141 001. Moradabad: Chaddha
Shopping Complex, Gmd Road, Moradabad, 244 001. Morvi: Om Shopping Center, Revapur Main Road, Morvi, 363 641. Mumbai: Maneckjiwadia Building, Nanik Motwani Marg, Mumbai,
400 023. Muzzafarnagar: 53/4 -a Bhag Kambal Wala, Jansat Road, New Mandi, Muzaffarnagar, 251 001. Muzzafarpur: Above Maruti Showroom, Choti Saria Ganj, Muzzafarpur, 842 001.
Mysore: Mythiri Arcade, 1st Main, Saraswathipuram, Mysore, 570 009. Nabha: Sco 14-15, Patiala Gate, Nabha, 147 201. Nadiad: Shoot Out Building, Nadiad Ice Factory Compound,
College Road, Nadiad, 387 001. Nagpur: 303 & 304 3rdfloor, Wardh Road, 12, Milestone, Near Lokmat Square, Nagpur, 440 010. Nasik: Archit Centre, 3rd Floor, Chandak Circle Link Road,
Opp Sandeep Hotel, Near Mahamarg Bus Stand, Nasik, 422 002. Navsari: Nandini Complex, Ground Floor, Station Road, Sandh Kuva, Navsari, 396 445. Nawanshahar: B 1 / 48, Banga
Road, Nawanshahar, 144 514. Nellore: G.t Road, Nellore, 524 001. Noida: G 28 & 29, Sector 18, Noida 201 301. Palakkad: 8 / 246, Chandra Nagar, Palakkad, 678 007. Palanpur: Parth
Complex, Near Cozy Tower, Opp Joravar Palace, Palanpur, 385 001. Panipat: 801 / 4, G.t Road, Panipat, 132 103. Panjim: Swami Vivekanand Road, 301, Milroc Lar Menezes,Opp Gomantak
Maratha Samaz, Panjim, 403 001. Pathanamthitta: Cms Dept, Aban Arcade Ward # 9/1128, Pathanathitta-kumbazha Road, Pathanathitta, 689 645. Patiala: S.c.o 70 - 73, Leela Bhawan
Market, Patiala, 147 001. Patna: Rajendra Ram Plaza, Exhibition Road, Patna, 800 001. Perinthalmanna : Calicut Road, Perinthalmanna, Malappura Dist, Perinthalmanna, 679 322. Phagwara:
Kalra Road, Opp Hanuman Garhi Mandir, G.t Road, Phagwara, 144 401. Ponda: Royal Chambers, Gd1 -gd4, Tisk, Ponda, 403 401. Pondicherry: Ts No 6, 100 Feet Road, Ellaipillaichavady,
Pondhicherry, 605 005. Porbandar: Om Shiv Sakthi, R D Chamber, Porbander, 360 575. Pune: 5 Th Floor Millennium Tower, Bhandarkar Road, Shivaji Nagar, Pune, 411 004. Quilon: Vgp
Buildings, Door No Xvi / 1539 (1320a), Vadakumbhagom Ward, Irumpupalam, Kollam, 691 001. Raipur: Chawla Complex, Near Vanijya Bhawan, Sai Nagar, Devendra Nagar Road, Raipur,
492 009. Rajamundry: H.no : 46-17-20, Main Road, Danavaipet, Rajahmundry, 533 103. Rajkot: Opp Alfred High School, 2nd Floor, Panchratna Bldg, Jawahar Road, Rajkot, 360 001.
Rajpura: 11 - 12 Block B, Chandigarh Patiala Road, Rajpura, 140 401. Ranchi: Rohini 1st Floor, 56 Circular Road, Ranchi, 834 001. Raniganj: Nsb Road, Plot No 408, Raniganj, 713 347.
Rewari: L-203. Old Court Road, Model Town, Rewari, 123 401. Rohatak: 401 -402, D Park, Model Town, Main Delhi Road, Rohtak, 124 001. Ropar: Sohana Chandigarh Rd, College Road,
Ropar, 141 001. Rourkela: Bisra Road, Dwivedi Bhawan, Dwivedi Square, Rourkela, 769 001. Rudrapur: Plot No1&2,Nanital Road, Plot No1&2,Nanital Road, Rudrapur, 263 153.
Saharanpur: Mission Compound, Court Road, Adjoining Top Shop, Saharanpur, 247 001. Salem: 5 / 241 - F, Rathna Arcade, Omalur Main Road, Salem, 636 004. Sambalpur: Nayapara,
Golbazar Chowk, Sambalpur, 768 001. Sangli: 640, Venkatesh Senate, Miraj Road, Sangli, 414 416. Sangrur: Shop No. 1-2-3 Kaula Park Market, Shop No. 1-2-3 Kaula Park Market, Sangrur,
148001. Shillong: Police Bazar, Shillong, 793 001. Shimla: Jankidas Building, 3, The Mall, Shimla, 171 001. Siliguri: 3 No, Ramkrishna Samity Building, Sevoke Road, Pani Tanki More, Siliguri,
734 401. Silvassa: 1-16 Jaypee House, Opp Patel Petrol Pump, Vapi Silvassa Road, Silvassa, 396 230. Solan: Anand Bhavan, Near Dc Office, Rajgarh Road, Solan, 173 212. Srinagar: M.s
Shopping Mall, Residency Road, Srinagar, 190 001. Surat: 7th Floor, Kashi Plaza, Next To Dr Bipin Desai Children Hospital, Majura Gate, Surat, 395 002. Surendranagar: Middle Point, Near
Milan Cinema, Surendranagar, 363 002. Thalassery: Avk Nair Road, Thalassery, 670 001. Thiruvalla: Illampallil Buildings, 26/149(1&2), Mc Road, Tiruvalla, 689 101. Tirupathi: H.no 10 - 14
- 575 / A3, Mosque Road, V.v Mahal Road, Tirupati, 517 501. Tirupur: 160, Chidambaram Complex, Kumaran Road, Tiruppur, 641 604. Trichur: Global Centre, M G Road, Trichur, 680 004.
Trichy: A - 10, Lakshmi Arcade, 11th Cross Main Road, Thillainagar, Trichy, 620 018. Trivandrum: Kenton Towers, Vazhuthacaud, Trivandrum, 695 014. Udaipur: 358 Post Office Road, Chetak
Circle, Adjacent To Chetak Cinema, Udaipur, 313 001. Udupi: Panduran Towers, Court Road, Diana Circle, Udupi, 576 101. Unjha: Suvidhi Complex, 1 St Floor, Nr. Radha Krishna Temple, Station
Road, Unjha, 382 170. Valsad: 1st Floor, Ekta Appt, Near R J J High School, Thithal Road, Valsad, 396 001. Vapi: Lower Ground, Emperor Arcade, Chala Road, Vapi, 396 191. Varanasi: D 58 /
2 Kuber Complex, Rathyatra Crossing, Varanasi, 221 010. Vasco: Ground Floor, Damodar Building, Swatantra Path, Vasco Da Gama, 403 802. Veraval: Amrutdeep, Opp Public Garden, Rajamahal
Road, Veraval, 362 265. Vijaywada: 40 - 1 -48 / 2, M.g Road, Labbipet, Vijaywada, 520 010. Vishakapatnam: 1st Floor, Poduri Castle, Above Rayomond Showroom Dwarka Nagar, Vishakapatnam,
530 016. Warangal: No 1-8-605 / 1 Nakkalgutta, Hanamkonda, Warangal, 506 002. Yamunagar: 103, Model Town, Nehru Park Road, Yamunanagar, 135 003.
ICICI NFO Collection Centres:
Ahmedabad: JMC House, Opp. Parimal Gardens,Opp Parimal Garden, Ambawadi, Ahmedabad - 380 006. Bangalore: ICICI Bank Towers, 1, Commissariat Road, Ground Floor, Bangalore
560025. Bhopal: Plot No. 11, Zone II, Alankar Palace Near Pragati Petrol Pump, M. P. Nagar, Bhopal 462011. Chandigarh: SCO 9-10-11, Sector 9-D. Chandigarh 160017. Chennai: 110,
Prakash Presidium, Uthamar Gandhi Salai, (Nungambakkam High Road), Chennai 600034. Cochin: Emgee Square, M.G.Road, Ernakulam, Kochi 682035. Coimbatore: Cheran Plaza, 1090,
Trichy Road, Coimbatore 641018. Dhanbad: Municipal Holding No 576/577, Shastri Nagar, Bank More, Dhanbad, Jharkhand 826001. Hyderabad: 6-2-1012, TGV Mansions, Opp. Institution
of Engineers, Khairatabad, Hyderabad 500004. Indore: malav parisar, 4 chhoti Khajrani, A B Road Indore 452008. Jaipur: C-99, Shreeji Towers, Subhash Marg, Near Ahimsa Circle, C Scheme,
Jaipur 302001. Jamshedpur: Natraj Mansion, Main Road, Bistupur, Jamshedpur 831001. Kanpur: J.S Towers, 208001. Kolkata: 22, R N Mukherjee Road, Kolkata 700001. Lucknow: 11,
MG Road, Hazarat Gunj, Lucknow 226001. Ludhiana: S.C.O. 146 / 147, Feroze Gandhi Market, Ludhiana 141001. Mumbai (Capital Market Div.): 30,Mumbai Samachar Marg, 400001.
Nagpur: Vishnu Vaibhav, 222, Palm Road, Civil Lines, Nagpur 440001. Nasik: U-1, Crown Commercial Complex, Opp. Rajiv Gandhi Bhavan (NMC), Utility Centre, Sharanpur Road, Nashik
422002. New Delhi : 9A, Phelps Building, Inner Circle, Connaught Place, New Delhi 110001. Panjim: 65, Sindur Business Centre, Swami Vivekanand Road 403001. Patna: shahi Bhawan
Ground Floor Exihibition Road Patna 800001. Pune: A-Wing, Shangrila Gardens, Bund Garden Road, Pune 411001. Rajkot: Jai Hind Press annexe, Opp. Shardabaug, Babubhai Shah Marg,
Rajkot 360001. Surat: Anjan Shalaka, Lal Bungalow, Athwa Lines, Surat 395007. Vadodara: Landmark Building, Race Course Circle, Alkapuri, Vadodara 390007.
IDBI NFO Collection Centres:
Ahmedabad: IDBI Complex, Lal Bungalows, Off. C.G. Road, Ahmedabad, 380006. Bangalore: IDBI House, 58 Mission Road, Bangalore 560027. Bhopal: Plot No. 43, Opposite Rang Mahal,
New Market, T. T. Nagar, Bhopal 462003. Chandigarh: SCO 55-56-57, Madhya Marg, Sector 8, Chandigarh 160018. Chennai: RPU, Murugesa Naicker Comp., 3rd Floor 68 Greams Rd,
Chennai 600006. Cochin: Dhanwatari Building, Near Padma Theater, M.G. Road, Cochin 682035. Coimbatore: 1078, Viscose Towers, 1078, Avinashi Road, Coimbatore 641018. Dhanbad:
Skylark Complex, Bank More, Dhanbad. Hyderabad: Mahavir House, Basheerbagh Square, Hyderabad 500029. Indore: Alankar Chambers, Ratlam Kothi, A. B. Road, Indore 452001. Jaipur:
D-24 Durlabh Niwas, Prithviraj Road, C Scheme, Jaipur 302001. Jamshedpur: Shantiniketan, Sakchi Boulevard Road, Bistupur, Jamshedpur 831001. Kanpur: Jeevan Vikas, M.G. Road, Near
Statue Junction, Kanpur 208 001. Kolkata: Siddha Point, Ground Floor, 101, Park Street, Kolkata 700016. Lucknow: Dhan Complex, 15, Ashoka Marg, Lucknow 226001. Ludhiana: 107,
The Mall Road, Ludhiana 141001. Mumbai: Mittal Tower, ‘C’ Wing, Ground Floor, Nariman Point, Mumbai 400021. Nagpur: Gupta House, Plot No. 1, Ravindra Nath Tagore Marg, Civil
Lines, Nagpur 440001. Nasik: Prathamesh Apartment, Thattenagar, Gangapur, Nashik. New Delhi: RPU, 65 MM ROAD, New Delhi 110055. Patna: Kashi Palace Complex, Dak Bungalow
Road, Opp. Heera Palace, Patna 800001. Pune: Dynaneshwar Paduka Chowk, Fergusson College Road, Pune 411004. Rajkot: “Shivdarshan”, Nr.Kathiawad Gymkhana, Dr.Radhakrishnan
Road, Rajkot. Surat: ESS EN House, Ghod Dod Road, Surat 395001. Vadodara: Concorde, R.C. Dutt Road, Alkapuri, Baroda 390007.
IOB NFO Collection Centres:
Chennai: 762, Cathedral Iob Bldg, Anna Salai, Chennai 600002. Coimbatore: 1218, Big Bazar St, Coimbatore 641001. Erode: Park Road, Erode 638003. Karur: 1, Kvr Complex, 80 Feet
Road, Sengunthapuram, Karur 639001. Madurai: 135, Palace Road, Madurai 625001. Pondicherry: 250, Rajendra Building, Jawaharlal Nehre Street, Pondicherry 605001. Salem: 16/17, Car
Street, Salem 636001. Tiruchirapalli: 144, Lla Building, West Couleward Rd, Tiruchirapalli 620008. Tirunelveli: 1-4, South Car Street, Tirunelveli 627006. Tirupur: 122, Kumaran Road,
Tirupur 641601. Vellore: 59, Banglore Road, Vellore 632004.
Investor Service Centres - AMC OFFICES
West Zone:
Mumbai: Mulla House, Grnd Floor, Homi Modi Street, Mumbai – 400 001, Tel: (022) 66505240, Ahmedabad: 402, ‘Megha House’, Mithakali - Law Garden Rd, Netaji Marg, Ahmedabad
– 380 006, Tel: (079) 65418989 / 65447799, 26466080, Bhopal: MF-12A Mezzanine Floor, Front Row, Mansarovar Complex, Habibganj, Bhopal – 462 016, Tel: 9826826646, Borivali: Grnd
Floor, Shop no. 8, Victor Park, Behind Indryani Saree Shop, Chandarvarkar Road, Borivali (W), Mumbai – 400 092. Tel: (022) 65278852, Goa: FO-4, 1st Floor, Indraprastha, Above Dena
Bank, Dr. Shirgaonkar Road, Panjim. Goa – 403 001, Tel: (0832) 6451135/36, Indore: G-25 City Centre, 507 M.G. Road, Indore – 452 001, Tel: (0731) 4201806, Jabalpur: Office No. 4,
1178, Napier Town, Home Science College Road, Jabalpur, MP, Tel: (0761) 4074263, Jamnagar: A-7 Mahavir Apartment, Opp. Palace, Jamnagar – 361 001, Tel: 9898366767, Nagpur: 21,
“Mile Stone”, 109, 1st Floor, Near Lokmat Square, Wardha Rd, Ramdaspeth, Nagpur – 440 010, Tel: (0712) 6502885, Nashik: 5, Samriddhi Residency, Opp. Hotel City Pride, Tilakwadi,
Sharanpur Rd, Nashik – 422 002, Tel: (0253) 6510315, 6605138, Pune: Office No. 105, D-GOLD House, Near Hotel Sheetal, B/H Bharat Petrol Pump, Dnyaneshwar Paduka Chowk, F.C.
Road, Shivajinagar, Pune – 411 005, Tel: (020) 64005932/ 30288775/ 6, Rajkot: Arihant Plaza, 201 2nd Floor, Subhas Rd, Near Moti Taki, Rajkot – 360 001, Tel: (0281) 6624848, Surat: 421,
Jolly Plaza, Near Collector Office, Next to G.P. College, Athwa Gate, Surat – 395 001, Tel: (0261) 6554418 / 19, Vashi: E - Wing, Grnd Floor, Shop no. 49, Welfare Chambers, Plot no. – 73,
Sector 17, Vashi, Navi Mumbai – 400 703. Tel: (022) 65298249, Vadodara: 202/203, Madhav Complex, R C Dutt Road, Alkapuri, Vadodara – 390 007, Tel: (0265) 6641888, 2356114.
North Zone:
Ajmer: 2nd floor, 42, K.C. Complex,Daulat Bagh Rd, Sunder Vilas,Ajmer – 305001.Tel: (0145) 2625316. Agra: G-12,Block No.-19/4,Vimal Tower, Sanjay Place, Agra – 282 002, Tel: (0562)
2525195, Allahabad: 1st Floor, 43/1 S P Marg, Civil Lines, Opp MAK Tower, Allahabad – 211 001, Tel: 9235531480, Amritsar: Mezzanine floor, S.C.O – 25, B – Block, District Shopping
Complex, Ranjit Avenue, Amritsar – 143 001. Mob: 9814082808. Chandigarh: Cabin No. 3-4-5, 1st Floor, S C O 487-488, Sector 35-C Chandigarh -160 022, Tel: (0172) 5087322 / 2603771,
Dehradun: Shop No. 19, Ground Floor, Shree Radha Palace, 78, Rajpur Road, Dehradun - 248 001, Tel: (0135) 6450877, Delhi: 710-712 Prakash Deep Building, 7th Floor, 7 Tolstoy
Marg, Connaught place, New Delhi – 110 001, Tel: (011) 66324111/102, 66303202, Jaipur: 233, 2nd Floor, Ganapati Plaza, M I Road, Jaipur – 302 001, Tel: (0141) 5105177 / 78, 6539009,
Jalandhar: 2nd Floor, Above ING Vyasya Bank, Namdev Chowk, Jalandhar – 144 001. Tel: (0181) 5001024 / 25, Jodhpur: Jaya Enclave, 79/4, Opp. IDBI Bank, 1st A Road, Sardarpura,
Jodhpur – 342 001, Tel: (0291) 6450555, 2631257, Kanpur: Grnd Floor, Agarwal Building, Adjng Oriental Bank of Commerce, Survey No. 419/1 Cantts, The Mall, Kanpur - 208 004, Tel:
(0512) 2306066, Kota: 1st Flr, 75, Shopping Centre,Opp. Rotary Binani Sabhagar,Kota - 324007. Tel: (0744) 2362548. Lucknow: Office No.2, Saran Chambers-1, 1st Floor, 5, Park Road,
Lucknow - 226 001, Tel: (0522) 6452432 / 4001731, Ludhiana: Cabin No. 201, 2nd. Floor, SCO 18, Opp Ludhiana Stock Exchange, Feroz Gandhi Market, Ludhiana - 141 001, Tel: (0161)
5089667/6503366, Moradabad: Grnd Floor, Near Hotel Rajmahal, Civil Lines, Moradabad – 244 001. Tel: (0591) 6535002 / 2313567. Udaipur: Office No. 4, 2nd Floor, Madhav Apartment,
Opp. G P O, Chetak Circle, Udaipur – 313 001, Tel: (0294) 2429371 / 6450979, Varanasi: D-64/127, C-H Arihant Complex, Sigra, Varanasi – 221 010, Tel: (0542) 6544655.
South Zone:
Bangalore: 4/6, Millers Road, High Grounds, Lane Opp to Syndicate Bank, Bangalore – 560 052, Tel: (080) 66561313 / 65335986 /87, Calicut: C – 8 & 9, Grnd Flr, Friends Commercial
Complex, Arayadathu Palam, Mavoor Rd,Calicut, Kerala 673016, Tel: (0495) 6450508, Chennai: Riaz Garden, 3rd Floor, No. 29, Kodambakkam High Rd, Near Palmgrove Hotel,
Nungambakkam, Chennai – 600 034, Tel: (044) 64541868/69/78, Cochin: 2nd Floor, Ajay Vihar, JOS Junction, M. G. Rd, Cochin - 682 016, Tel: (0484) 2377580, 6533107, Coimbatore:
551-A, 1st Floor, West Lokmaniya Street, Near CAMS, R.S. Puram, Coimbatore – 641 002, Tel: (0422) 6502133/ 44, Hubli: 15 & 16, 2nd Floor, Eureka Junction, Travellers’ Bunglow Rd,
Above ICICI Bank, Hubli – 580 029, Tel: (0836) 6450342, Hyderabad: 3rd Floor, Block - B, R R Estate, G S Mall, Somajiguda, Hyderabad – 500 082, Tel: (040) 65361237 / 38, 65548290,
Kottayam: Grnd Floor, CSI Acension Square Building, Logoes Junction, Railway Station Road, Kottayam – 686 008. Mob: 9447559230,, Mangalore: Essel towers, 1st floor, Bunts hostel
circle, Above UTI bank, Mangalore – 575 003, Tel: (0824) 6450308, Mysore: 847, 1st Floor, New Kantharaja URS Road, Above New Krishna Sweets & Bakery, Kuvempu Nagar, Mysore – 570
023, Tel: (0821) 6450470, Salem: Rajtowers, Grnd Floor, #4 Brindhavan Rd, Fairlands, Salem – 636 016, Tel: (0427) 6451653, Puducherry: 1st Floor, Shop no. 6, Jayalakshmi Complex,
114, Thiruvalluvar Salai, Pillaithottam, Puducherry – 605 013. Tel: (0413) 650 2043, Trivandrum: 4th Floor, Krishna Towers, Sasthamangalam, Trivandrum – 695 010, Tel: (0471) 6535431,
2319139, Trichur: 4th Floor, PathyaPura Buildings, Round South, Trichur -680 001, Tel: (0487) 6451286, Trichy: No.60/3, ‘Krishna’ 2nd Floor, Sastri Main Road, Tennur, Trichy - 620 017,
Tel: (0431) 6455060, Vijaywada: 5th Flr, Kona Heights, Opp. All India Radio, M.G. Road, Vijayawada – 520 010, Andra Pradesh, Tel: (0866) 6532621, Visakhapatnam: Shop 10 & 11, 1st Flr,
Above Titan Showroom, Sreemukha Complex, Dwarakanagar, Visakhapatnam – 530 016, Tel: (0891) 6451883.
East Zone:
Bhilai: Shop No.145, Grd Flr, Chauhan Estate, Near HDFC Bank, Bhilai - 490 001, Tel: (0788) 2295625. Bhubaneshwar: Janpath Tower, Room-208, 2nd Flr, Ashok Nagar, Bhubaneshwar
- 751 009. Tel: (0674) 2533818 / 6450817. Dhanbad: Shriram PLaza, Room - 409, 4th floor, Bank More, Dhanbad, Jharkhand - 826 001, Tel: (0326) 2300304. Durgapur: A-207, 1st floor,
Kamdhenu, Bengal Shristi Complex, City Centre, Durgapur - 713 216. Tel: (0343) 6454797. Guwahati: 109, 1st Floor, Orion Towers, Christian Basti, G. S. Road, Guwahati- 781 005. Tel:
(0361) 2343084. Jamshedpur: C/o. Mithila Motors Ltd., 1st Floor, Main Road, Bistupur, Jamshedpur - 831 001 Tel: (0657) 2756021/22/23/30. Kolkata: Tata Centre, 1st Floor, 43, Jawaharlal
Nehru Road, Kolkata - 700 071, Tel: (033) 22881534 / 3413 / 15. Patna: 605, 6th Floor, Ashiana Harniwas, New Dak Banglow Road, Patna - 800 001. Tel: (0612) - 6450120 / 2206497, Raipur:
Shop No. - 331 & 332, Lal Ganga Shopping Mall, 3rd Floor, G E Road, Raipur - 492 001, Tel: (0771) 6537340 / 2543354. Ranchi: Shop No - 15, Grnd Floor, A.C. Market, G.E.L. Church
Complex, Main Road, Ranchi - 834 001, Tel: (0651) 2330704. Siliguri: Lower Grnd Flr, Nanak Complex, Sevoke Road, Siliguri – 734001.